Laid off today with $50k line of credit - Posted by Brian

Posted by brian on February 15, 2002 at 20:00:54:

Sorry for the confusion Tim.

Question: If anyone has jumped into CRE full time from their 9-5 job, I would appreciate any feedback.

Laid off today with $50k line of credit - Posted by Brian

Posted by Brian on February 15, 2002 at 14:58:38:

Well, gang, hopefully I will refer to this post and laugh a year from now.

My friend (partner) and I were laid off today with small severence packages - could propably weather the bills, obligations, etc., for 3 months.

Let’s say we wanted to enter into CRE full time, hyper speed, 5th gear, no looking back! Any real life experiences would be greatly appreciated.

I have been lurking/reading/studying/reading attending local RE clubs for a few months and am pretty comfortable with the different techniques. Have a $100k line of credit from our homes’ equity.

Additionally, we have contacted attorneys and CPA’s to assist with our venture, printed business cards, letterhead, etc… Other than the frequent, “Nah, you guys don’t want to do that stuff. Stick to being a landlord.”, says the pompous, crusty attorney - we are unphased and plan to work only with energized associates like ourselves.

At the local Real Estate investment club, we met too many people with analysis paralysis - 3 years studing l/o without an attempt to jump in!!! I am not this type of investor - we are ready to roll! Any thoughts are greatly apreciated.

~ Brian

Re: Laid off today with $50k line of credit - Posted by BaldRepublican

Posted by BaldRepublican on February 16, 2002 at 15:54:42:

Try making offers on sub2’s. Keep the money in the bank for covering the time between seller and finding a tb. You may be able to do alot of deals without having to tap into it.

Re: Laid off today with $50k line of credit - Posted by Lor

Posted by Lor on February 15, 2002 at 20:11:18:

I agree with you 100% about seeing so many people here with “analysis paralysis”. I even believe that getting business cards, letterhead etc. should take a back seat to getting out there and looking at properties and making offers. There are a few of us here that are successful REI’s and have never read ANY guru books or taken any courses so I know it can be done. Alot of people here would disagree with me, but I believe that if you haven’t tried to invest after reading your first book or course then there is a good chance it will never happen - taking more classes along the way is fine but if you spend to much time studying in the beginning it almost becomes an excuse not to invest. As for the naysayers like your attorney, you just have to learn to “tune out the music”. I am currently working on a project developing some 5 acre parcels and get negative feedback from acqaintances who think I’m going to get screwed because I am a woman. You have the right attitude when you say you “plan to work only with energized associates like ourselves”. I’ve always made a point of having my “team” also be investors themselves, whether they be an attorney or real estate agent. Good luck and hey, get started tomorrow!

May I suggest… - Posted by Tim Jensen

Posted by Tim Jensen on February 15, 2002 at 18:18:44:

That you ask a specific question.

I am not sure what you want.