Re: Just lost my job!!! - Posted by Peter_MD
Posted by Peter_MD on July 25, 2003 at 07:26:39:
It’s very difficult, based on your post to give you much direction. We don’t know what type of position you held at your previous job and don’t know your qualifications for problem solving.
This business is just that … solving problems. They say that necessity is the mother of invention, and I firmly believe that saying. Take this opportunity to sit down with your spouse and children at dinner or just after, and discuss honestly from your heart your goals and plans. This being a business, you need plans to achieve to reach your goals. I can tell you, unless you have ample funds set aside to handle the expenses for the next 6 to 12 months, you will need another job.
Forget rehabs for now, you have to really know what you are doing or you will attend the newest seminar and bootcamp out there (and that will be a personal in your face visit to a bankruptcy attorney … guaranteed!). Also forget about foreclosures unless your previous experience, education, and training dealt with that subject, which I doubt from the way you discussed your situation in your posting.
Now that you have more time, attend everything you can at your local real estate investing club. See if you can do a few deals being a bird-dog. Also, suggest you see if you can get a full time or part time position with a lender, real estate management firm, or something similar that can bring in some money while you work the business. See if your wife is interested in working with one of those firms (maybe part time) to help with your ongoing bills.
Lots of beginners in this business fail to plan rather than plan to fail. If you don’t have ample funds set aside to pay future bills while starting and doing this business, and have good contacts to keep the deals flowing, you will unfortunately fail. I don’t advocate for anyone to just quit their job and jump in with both feet … you have to crawl and then walk before you can run.
Therefore, sit down and go over everything and get on the same page with your family. Always do the right thing for the right reason, and regroup every week and go over developments that have taken place the previous week.
My businesses operate on their own after 8 years of operations, however, this did not happen overnight. It took almost 6 years to really get a system developed so things could run smoothly … and we still have Wednesday morning meetings (called Wednesday morning group and status meetings). Everyone is expected to attend the three hour session unless excused 24 hours prior to the meeting (location has been previously selected and starts at 9:00am and goes until about noon). At this meeting things are discussed and changes that are needed are made. Why am I telling you this? Because my family and I took 6 weeks last year to visit and travel throughout Europe and the bills were always paid on time, deals were negotiated and completed, decisions that were needed were made … all without any interaction by me. All that time, the Wednesday morning group and status meetings were conducted with notes of the discussions. Let me tell you that was a refreshing feeling after struggling for years to get the skids greased so the businesses could operate profitably without my intervention.
Get something going … anything … just get it going with the full cooperation, approval, and blessing of your immediate family.
If done right, you’ll look back years from now and remember the challenges and pitfalls that you endured and the successes you achieved … and you will feel proud that you didn’t do it alone … and all the time you were just helping people out of a bad situation they found themselves in.
… all along these people never realized that while you were helping them, you were also helping yourself and your family.
The best to you in all that you do …
Seize the day!