Running out of time - Posted by Greg NY

Posted by SusanL.–FL on February 06, 2001 at 10:03:49:

Hey “Brother” Greg: :slight_smile:

Yes, CRE sure IS like a family! The (CRE) board has turned out to be a tremendous stress reliever for me these past two years.

You’ll find that you will be ‘tuned in’ to people with similar situations in their lives.

P.S. As you do your deals, be sure to ask LOTS of questions here. You’ll get through fine.

“Sister” Susan


Running out of time - Posted by Greg NY

Posted by Greg NY on February 05, 2001 at 14:56:46:

On Feb 28 2001, i will no longer be employed by my current employer. I’ll be losing a job that brings me $38,000 a year. My bank account has around $2,000. I’ve been reading this sight for sometime now, just started getting serious about REI. I am ordering a course on flipping real estate and i’m planning on attending the Covention next month. I am at a loss for an answer to my upcoming problem. HELP!

Greg NY

What would you do if you were in my shoes?!?!?!

Re: Running out of time - Posted by Fred

Posted by Fred on February 08, 2001 at 14:51:20:

First of all, stop feeling sorry for yourself. I was employed in Corporate America for many years and was also downsized (LOL) several times. I was always interested in real estate and dabbled in it part time. But I could never see myself “making a living” at it. Frankly, I guess I needed the “security” of medical insurance, a 401K, and the comraderie of my fellow wage slaves. With my last downsizing though I was determined to make a clean break and never work for anyone else again. You have made the first step by associating on this board with other like minded people who will encourage you, hold your hand, and give advice. The most important resource you have is faith in yourself to know that you will succeed if you make the effort. Read everything on this board and pick an investment style (flipping, L/O, rehabs, etc.) that you feel comfortable with. Good luck

Re: Running out of time - Posted by B.L.Renfrow

Posted by B.L.Renfrow on February 06, 2001 at 21:54:32:

You are in Syracuse? I am just down the road from you, in Norwich. E-mail me privately if I can be of any help. In fact, I might have a couple ideas for you. They’re not flips, but it might be something to get you started.

Also, what Steve was referring to about COBRA was this: Federal law requires that if you had health insurance through your employer at the time of your layoff, they are REQUIRED to offer you 18 months of coverage. However, you will be responsible for the entire cost of the premium, which could be around $200 or so per month. Be sure to ask your human resources or benefits people about this when you leave. I think you have 30 or 60 days to activate the coverage, if you so choose.

Also, unless you are being terminated for gross misconduct, you are probably eligible for unemployment insurance payments. Contact the local Labor Dept. office to find out how to apply.

Brian (NY)

Re: Running out of time - Posted by JoeS

Posted by JoeS on February 06, 2001 at 21:38:45:

Greg: Are you eligible for unemployment? I was laid off 6 years ago, and collected for 2 years while they sent me to college to learn a new trade. Guess what? This gave me the time to get my REI business off the ground, and get $300 a week to barely pay the basic bills and food to eat. It was NOT easy, but I do not regret it one bit. If I was never laid off, I would probably still be in that hole of a mill. Best thing that ever happened to me.

Re: Running out of time - Posted by Tony

Posted by Tony on February 06, 2001 at 14:58:33:


If it’s worth anything, there are a lot of people (myself included) who have the clock ticking on their jobs. Like you, I’ll be at the convention. Others have given you some ideas about a job and insurance.

The best advice I can give you is to jump in and get started with making offers ASAP. After studying and reading for a few months, I got serious and took action. When I made an offer on a house, it became real for me. A way out of just working for someone else forever! The feeling is indescribably good.

Now I feel free, even though I’m still in the middle of negotiations. Why? Because I know I’ll eventually find the right deal. Hope for a better life has returned. There is a way out of your situation, too, but you must take action. Otherwise it will remain just a dream. When you’re ready (and only you will know) then go after your CRE dream.

The more action I take in CRE (newspaper ads, bandit signs, business cards, talking to others about deals, going to club meetings, etc) the more real it becomes for me. And ultimately the deals will follow, and so will the money. When that happens I plan on leaving this J.O.B. and way of life behind, replacing it with a much better one.

Thank you all of you news group posters for your encouragement and continued guidance. You are leading by example.


Re: Running out of time - Posted by Bob (Md)

Posted by Bob (Md) on February 06, 2001 at 11:30:55:

Another thought…

You might consider trying to find a part-time job in the real-estate industry somewhere. Not enough to pay your bills, but enough to provide medical insurance and money for food and gas. Knowing you have to find the money for rent is not quite so stressful as hunting for money to feed the wife and kids tomorrow. I speak from experience.

If the JOB doesn’t pay all your bills, you’ll be forced to “fish or cut bait”. You’ll either have to commit to REI and make some money, or get a full-time job.

Re: Running out of time - Posted by Greg NY

Posted by Greg NY on February 05, 2001 at 17:31:15:

Thank You all for your support. I’m going to try and find a new job. Not one for the sole purpose of income but to have medical for my daughter. Other than that, I’m planning on doing a cannonball in this pool called real estate (hopefully it will make a big splash). My home town of Syracuse Ny is rich with properties to be flip. and what i’m finding out is that this place is already crawling with green eyed rehabbers. So i guess thats a good thing. For everyone that may feel sorry for my situation, dont worry. I’m looking at this as some sort of cruel motivation. And once again, Thank You to whom ever started this website!

Greg NY

Re: Running out of time - Posted by Stacy (AZ)

Posted by Stacy (AZ) on February 05, 2001 at 15:31:43:


First, I’m sorry to hear about this. It sounds as if this caught you by surprise, as opposed to being a contract employee with a known end-date.

Based on the fact that you are just starting to get educated in REI, and haven’t got any experience, my advice is to immediately find another job. I don’t know if you are married with children, but if so, the above advice goes double. If you had a half-dozen or so flips under your belt, or 4-6 months of living expenses saved, my advice might be different.

There are others here that will disagree with my advice (and have done so before). Some will advise you to take this opportunity to jump-in, and get out on the streets while you are hungry and make something happen. It all comes down to you, and your ability, drive, tenacity, and in some respects, bravery. I couldn’t doubt you have any of the above, except ability. And this is only because you are so new.

A new job in a real estate related field may be the perfect solution for now.

Good luck! Stay positive!


Congratulations Greg - Posted by phil fernandez

Posted by phil fernandez on February 05, 2001 at 15:22:42:

And your smart to be attending the up coming convention in Atlanta. There you will be able to talk to others whose footsteps you will be following who have been downsized out of the rat race only to find abundance and freedom through real estate investing.

I would get into the chatroom and talk to others about their start in the investing business.

At this time it may seem scary to you, but in time if you put forth the effort there is no reason why you can’t prosper in this business.

Welcome aboard and look me up down at the convention.

Turn a ‘negative’ into a ‘positive’ !! - Posted by SusanL.–FL

Posted by SusanL.–FL on February 05, 2001 at 15:03:35:

Who knows! It JUST might be a blessing in disguise.

You know the old saying: “When life hands you lemons, make lemonade!”

The Ticking Clock? - Posted by SusanL.–FL

Posted by SusanL.–FL on February 08, 2001 at 11:20:28:

Playing the ?waiting game??

Sometimes we have to make some hard and fast decisions in our lives—for our families? basic survival. Not always easy?but sometimes necessary.

I?m sitting on a timebomb. My two buyers are trying to cash me out?but it?s taking ?t-i-m-e?. I just ran an ad trying to sell my diamond earrings (to free up some cash)?no takers.

As many of you know, we?re still hanging on by a thread$. I?m sorry to say?-I?m within days of losing my car. Every morning (at the first glint of light), I peek out to see if it?s still there. :frowning:

As we ran through the frozen pasture the other morning, my young son asked, ?Mommy, WHY are we parking way out here now??

(I thought—BECAUSE I FEEL LIKE I AM UNDER SEIGE!!! ?and things just aren?t moving as quickly as I NEED them to move.)

?Time? is definitely NOT on my side, right now? :frowning: BUT!! I haven?t given up?

Problem, what problem? - Posted by SCook85

Posted by SCook85 on February 05, 2001 at 22:36:55:

I’m sorry but I dont’ see a problem, and I surely do not feel sorry for you.

I think getting a job to get medical is something you shouldn’t do as well. It will be a crutch and something to fall back on. Your current employer has to offer you insurance through COBRA (I believe that is what it is called). You will be able to maintain your health insurance for 18 months. Worst case you can get blue cross blue shield for about $200 a month for a family. One flip can pay for a couple years of insurance.

I don’t see it as a problem at all. I’d be joyously celebrating if I were you.


Re: Problem, what problem? - Posted by Greg NY

Posted by Greg NY on February 06, 2001 at 07:42:38:

Thank you very much for your response. I’m not feeling so stressed now. I think this creonline thing could become some sort of family for me (distant family :o) ). But can you give me some info or direct me to where i can find info on Blue Cross’s $200 a month plan. I never heard of health being so cheap. Thanks

Greg NY

see you in Atlanta