My Credit Stinks, I’ve Got No Money – How Do I Become A Real Estate Investor?
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Read Transcript for “My Credit Stinks, I’ve Got No Money – How Do I Become A Real Estate Investor?”
“Here in my area, conventional real estate sales are rather slow. What would likely be the fastest way to replace income with real estate investment if one finds oneself with bad credit and then suddenly is unemployed?” – Kimberly from Virginia Beach
Joe: Boy, you’re in the same situation a lot of people are.
“I’ve only got one question. After closing my restaurant this spring, my credit has taken a substantial nosedive. We’re talking in as about to file bankruptcy. How does someone like me without a pot to piss in even begin to think about getting involved in this business? It takes money to make money and I’m unbelievably at the point where I thought I’d never be – flat broke on my ass.” – Ellie Nestergard
Joe: That’s pretty frank. First of all, I want to say I’ve been there where both of you guys are and I know a lot of other people that are listening to this video are as well. I’ve been in a difficult situation. Back in 1991, when the last real estate crash happened, I had 17 million dollars in real estate, and when the market dropped 30% in California (and its dropped 45% in California this time) I lost all of my properties. The bank came and took them all.
Joe: I moved back to Indiana. I moved in with my family. I was so happy to have that support group. We had a 30 day old baby and it was my just my wife and I. We moved back in with my parents to be able to get back on our feet. I became a realtor.
Joe: I had to figure out a way to do this with no money, with no credit, with no way to access any of those things like I did before, and that’s what I learned how to do – you don’t need money to make money. As a matter of fact, if you can’t make money with no money, then you sure can’t make money with money. Learn how to make money without money. Learn how to pull yourself up by the bootstraps and do these deals with zero down and no credit. Learn how to flip properties and then how to keep properties for the long term.
Joe: These are the things that I teach: using “Subject To”, lease option, “Multi-mortgage” and land contracts. These are the types of things that I teach so that you can turn around and flip these properties and make a lot of money in a fairly short period of time.
Joe: It didn’t take me very long to get back on my feet. I became a realtor, and I expect a lot of you are going through this, too – I got really discouraged. I felt less of myself. I felt that I just completely screwed up. Some of it was my fault because I didn’t have the knowledge – I didn’t have somebody telling me, ‘Don’t do this and don’t do that, don’t take that risk, etc’. – I thought I was the golden child – I thought I could do anything – because everything I touched turn to gold. Every deal that I did made money. Until the crash – until something came along that I didn’t have much control over.
Joe: But this time, in this crash that we’re experiencing right now, I didn’t get caught in it because I built my business a completely different way. I did not get hurt. I haven’t lost any money. As a matter of fact, my business is booming because of this economy, and you can be taking advantage of this economy too; you can be doing this as well.
Joe: You just have to move forward and learn some of these techniques that I’m teaching. Listen to all of these videos I’m cranking out here because I’m giving you the details; I’m giving you the red meat here that you can actually go out and use on a day to day basis.
Joe: Now, if you want to get into more detail, get into my mentor program or get the “Push Button Method” or buy my book. Or, if you don’t like my techniques, use somebody else’s. There are lots of people that have good information out there you can learn from.
Joe: Don’t be discouraged; move forward. Remember, the pain that you’re going through now doesn’t last forever. Your credit will come back (my credit’s perfect now). Your money will come back (I have a lot of money in the bank and a lot of properties and assets because I took positive action – I did the things that I needed to do).
Joe: I feel for your situation because I’ve been there personally and I wish you good luck. Good luck to you. Thanks.