only 1 thing holding me back - what's the answer? - Posted by Elena

Posted by HR on January 28, 2001 at 12:15:31:


When you borrow money for your rei, even if it’s with a llc, you are going to have to sign personally to get the funds…unless it’s a hard money deal (and even then, only if you negotiate it right).

Don’t want to go bankrupt?

Learn the biz. This is a business, not a get rich quick scheme. While some will promote it as the latter, the only ones who do get rich run it like the former.

So, how long is it going to take you to become proficient at least at the intermeditate level so you can open up your services for “business”? That’s up to your motivation, time, resources, committment, etc. My recommendation is to keep your day job and go slow at first. Pick an area of rei that interests you and try a deal in it. Master that area. Then, once you know for sure you can put food on the table and support your family, then think about doing more.

Good luck,


only 1 thing holding me back - what’s the answer? - Posted by Elena

Posted by Elena on January 28, 2001 at 06:38:06:

I’m ready to jump into this with both feet, but am concerned that in the event something goes wrong (particularly with the first few properties) and I am unable to service the debt as required, my family could go into bankruptcy. What are the best vehicles around (C, S, LLC,etc) recommended for doing this, and what are the downsides anyone has experienced in doing business this way - for example, no loan to a corporation without an additional personal guarantee. Thanks much in advance.