Posted by Donna in Credit
It’s becoming an all too familiar headline…
“Home Prices Fall for the 10th Straight Month” says the New York Times today.
It was this sentence in the article that gave me chills, “The quickening decline in home prices could hurt the broader economy by leading to more foreclosures as homeowners have more difficulty refinancing mortgages and by sapping consumer spending as Americans feel less wealthy.”
So I have a question for you:
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Do you feel less wealthy than you did last year?
Click the “Comments and Trackbacks” link below to leave a comment answering this question.
We’ll be granting a free year of Tight Money Millionaire Coaching to the best response.
Bountiful borrowing,
Donna Fox
I definitely feel less wealthy than I did last year.
It’s because I am!
My business income went way down this year from the past two years, and my husband hasn’t been able to find work. We have been real estate investors for years, and we were doing well until this past year. Vacancies ate all equity on r properties.
Right now, we’re praying for a Christmas miracle.
The economy has to get better doesn’t it?
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No. As a landlord I really don’t care about temporary dips in prices. I only care about cash flow which comes from rents. Sometimes I flip properties and make quick cash. The market has no effect on houses I own for days. There are a lot of bargains in this market, just like there is in the stock market when we have a correction.
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I sure do feel less wealthy than last year.
My income on my job will not go up since I’m on contract. I am working on my credit now and for about seven years I could never get a card. Till recently I got a Capital One card with a $300 credit line. A lot of common expenses have gone up rent, gas etc. I’ve been reading about the dollar losing value, the subprime mess.
Right now I feel the crunch robbing Peter to pay Paul living paycheck to paycheck. 2008 I hope will be a better year.
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less wealthy??? HECK NO!!!!!!!!!!! i am taking advantage of this downturn and in the last three months have bought three properties in resort area’s at about 55% of their true value. i’ll hold them for 2-3 years and have “no doubt” i’ll sell them and double my money…and in the meantime let a renter pay the bill….just a tad bit better than a CD wouldn’t you say……………..
for those that are feeling this crunch, my daddy always said “there is always a story behind a story”. they may want to look deep into their past spending habits and see how that relates to their challenges of today. one typically is related to the other……………
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Yes I feel less wealthy then last year.
We are new real estate investors. Rehabbed our first house and had a buyer before we completed it. Financing fell through for this person. Found another buyer that had an issue getting financing, so we lease optioned the property to her. This caused us to have to make payments longer then we expected or were prepared to do. We fell behind on other expenses due to making sure we did not fall behind on a house payment. We are still feeling the pain financialing from this. We are also currently having a hard time with refinancing this property. We have been working on doing this for over 2 months.
Looking forward to 2008 being a much better year so that we can purchase more investment properties.
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Definitely less wealthy-
I made a goal to see 2008 as the best ever- so I decided to not ever go back to my regular job as a merchant mariner- instead I want to find out the best ways to use my credit to make money and also get into Real estate since everyone else is getting out.So- at the moment I’m unemployed but planning to do whatever it takes to reach my goal. I actually got to spend this Christmas with my wife and kids- First time in over 8 years that I wasnt at sea- Thats the best Start!
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Let’s put it this way…I feel that there are many more opportunities to make real money than in the past. This is due to the number of foreclosures that are available. From my experience, banks are willing to deeply discount their REOs - especially if they feel the person they are talking to is capable of taking many of the houses off their hands (this is where the relationship comes in). Buy right, hold for cash flow, don’t let the dips concern you, and profit millions when the market comes back. Worst case, you made a great living with the cash flow over the years holding the property. Since you bought for pennies on the dollar, if you do have to sell, you can sell at a discount using a lease-to-buy option and still make a few bucks. All that is left is to take action!
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Hi, Donna !
Yes, I do “feel” less wealthy (financially) than I did last year - gas prices, the general cost of living, etc. Also because my income is “fixed” (thank God my wife’s does go up slightly each year, though I believe she finally reached her “glass ceiling”.
I do believe, though, that this will be a much better year for us. I have always been a strong advocate of “do it yourself” for repairs (home, car, etc). This year (though our finances are tight, my wife bought me a table saw for Christmas :o)
It wasn’t all “altruistic” though - she wants me to do some repairs around the house I couldn’t do before I had the saw, and to build some cabinetry and a new dining room table - I can’t wait to start :o) This will save us a “ton” of money from buying the finished products, it’s fun, and the sense of accomplishment I get from completing a job well-done can’t be matched - we did pretty well with our kids, too ! :o)
Also, I expect this to be a “break-out” year for us financially online, as I have made new connections/partnerships on the net for on-going joint ventures which I believe will be quite lucrative.
If all goes well, I oculd be sitting on 3 to 4 paid membership sites, better monetizing my primary site, and possibly developing an “authority” site :o)
One bit of advice I would offer to anyone considering buying a home now…
a while back, I worked with someone from Chigago (I’m in PA). Too late, I found out he was a liar and a thief who not only stiffed me out of about $20,000 in commissions, but was practising credit card fraud as well ! I left him before I found about that, but others sought me out to tell me what he had done to them.
Anyway, I learned a lot from the people I contacted who he said he wanted to “help”.
Those 2 things are: 1- Never get an adjustable rate mortgage, and 2- Always make sure the paper is kept “in house” (the mortgage is kept by the original lender, and not “resold” to anyone) !
Prior to last year, we rented a little “crackerbox” of a house for $385/month. Last year, we bought our first home (a foreclosure) for $30,000 under its appraised value, and only pay a mortgage of $249/month to a local lender who will NEVER sell the note out from under us :o) Another plus for us is that the house we bought is almost double the square footage :o)
If/When I become a millionaire, my goal is to buy as many homes in our area (to start) and rent them at “sane” rates that befit the person/family I consider renting to - in any event, I’m sure they will be well below the “going rate”.
Money, like my new table saw is a “tool” - a tool to build things to help enhance the lives of others.
It is not the “be all and end all” of life… if you go to my site, you will find out more about why I am saying these things - just don’t judge the site too harshly, as it is under “re-construction” :o)
Hal
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Yes I do.
Mortgage market down and having 4 children feels like the bank account is bleeding out. So something has/going to change.
Keep moving forward.
Ian
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Wealth is a state of mind, not a state of pocket book.
We feel lack of wealth when our wants outstretch our bank balance and creative means of inventing new possibilities in our lives.
I live in Israel, not in the U.S. We and everyone we know struggle financially, and there are some truly financially wealthy people here, but I do not believe they have more than I do.
And for a more down-to-earth answer - yes! Because my relationship to money has changed, and I don’t allow myself to get into a lack mindset, so I don’t worry about money or stay awake nights trying to figure out from where and how it’s going to come - and I’m a stay at home Mom of 4 boys.
I’ve just started my own company and am spending money big time, but wisely utilizing credit as I’ve learned from Donna’s book. That’s helped make it all possible. I’m enjoying the whole process of learning about business and money and just view everything as a game to be played all out, on the court, 100% of the time. I’m making mistakes, too. And it’s all great!
I have never been wealthier!
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Whoops, I meant ‘no’ I don’t feel less wealthy!
Yes, meaning I feel wealthy!
I tend to think positively.
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Feeling wealthy is a decision, and I feel wealthier than I did last year. My husband and I are renovating our house, so there’s some serious cash flowing outward, but we both have good jobs and we’re not financing the renovations so I don’t feel like the proverbial walls are closing in on us (we sold some real estate to finance the work). We sleep well at night and are watching our home get nicer and nicer by the day. Our health is good, our friends are supportive, and our children are doing well in school. To me, that’s everyday wealth.
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I did not feel less wealthy this year, I felt more wealthy! Some great things happened in business for me this year. I am excited about the current market because I think there are some real opportunities for people who are ready to take them. Real Estate is cyclical, you just have to change strategy. I am looking forward to learning that kind of stuff this year.
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Regardless of the doom and gloom media mantra the truth is we live inthe greatest country in the world. Have you seen the stock market lately? How about the iphone? Here is reality….you have the power to change your conditions. We are where we are financially because of choices we make. We live in an incredible country that we have free choice to pursue any way we can conceive of to create money and abundance for ourselves. There are people that always make money in any kind of market because the ebb and flow with the market. Look at what is happening around you…people are still spending money…invest where that is happening…create businesses that meet thier needs and fulfill there demands…Starbucks is still selling $4 cups of coffee at a record pace….that’s about $32/gallon….I feel wealthier every year because that is my intent and I study and apply wealth principles and strategies that I learn from mentors that I search out. I wish a happy and prosperous year for all of you. Your life is your choice…and your design…if you are not happy with your current circumstances, change them…find a mentor, read, study wealth creation, success and millionaires. As Tony Robbins says “Success leaves clues” and for gosh sakes TURN OFF THE TV and don’t let that crap infiltrate your mind and steal your dreams….Create the life of your dreams, TODAY…you can do it and I believe in YOU!! Blessings of Abundance…
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The question is about how I feel, so I will answer it that way. I actually do not feel less wealthy–I feel more peaceful and grateful, so I suppose that is a feeling of wealth. Sure our bank accounts are about as low as they have ever been. Yes cash flow has definitely been affected to the negative…we’re in real estate! If you look only at the circumstances and numbers & facts and figures, we are not more wealthy at all. I used to moan and bitch that “It shouldn’t be this way!”…but you know what - it is what it is…and for the first time ever, I’m at peace about it and empowered by dealing with it one day and one step at a time! That is a breakthrough…and because of it, we are seeing opportunities and blessings—and we are in action. Our marriage is stronger. Our relationships are authentic. We aren’t trying to “keep up with anyone” or pretend that it is any way than it is. So I HAVE to say–I feel peaceful, grateful and wealthy in ways that count…and the cash flow is picking up–any connection? Probably so.
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I think this is the best time to invest in real estate for the long term (as long as the politicians and government bureaucrats don’t mess it up). The subprime mortgage mess caused prices to spike due to low-interest teaser rates to non-qualified borrowers. After the market corrects itself by eliminating stupid borrowers and stupid loan products, then the true real estate investors will come in with fresh money and savvy to make good profits. Always do the arithmetic first, but don’t stop making profitable offers. Be sure that the property can carry itself for at least 10 years before you sell, if ever.
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I am 4 million ($4,000,000.00) dollars more in debt than I was one year ago, thanks to you! Your credit millionaire program helped me secure a bank loan to purchase a business. I had filed bankruptcy only two years ago. Your program helped me overcome incredible obstacles to get funding. Keep up the good work. Thanks.
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No, I don’t feel less wealthy because my debt is going down and I’m planning to be debt-free in 2008. I haven’t bought a house yet and still pay rent, but when my score will be high enough I’ll save more paying lower interest rates than if I rushed and bought something earlier. While I had a major set-back in 2005 and still getting out of financial ditch, and being a mom of 18-months old I feel better and more in control of my finances. I’ve learned a lot from Donna’s book and website; my business is going well and I’m looking for a nice property to buy in a few months with built-in equity.
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Presently I do. Even though I know my knowledge (credit management , realestate investing, notes etc..,) has tremendously improved. I have things (deals) pending that have seriously made me “feel the crunch” for now.
But once things come through. I look to re-bound and reap the monetary rewards of my time, money and knowledge investment for 2008.
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Yes, I do feel LESS wealthy this year compared to last. Numbers don’t lie.
Simple formula really… Income - expenses = left over
Left over this year
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I believe that whatever feeling someone has is due to what’s happening inside more than what is happening outside. This year my home dropped $20,000 in assessed value, almost all of our major appliances needed replaced, we took out more student loans, and my wonderful 272,000 miles Saturn had to be parked permanently.
But as I look back on the year I don’t necessarily remember those things quite as much as the success I’ve seen with my autistic son getting a math and reading award in his regular kindergarden class, or my wife finishing her Master’s degree, or seeing my four children healthy and happy at dinner table each night. Do I feel less wealthier this year…absolutely not. I might have less money in the bank, but I feel like my life is overflowing with blessings making me the wealthiest person alive.
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whether the markets up, down or sideway, there is always a loopholes or strategies to use in this investments business. so my answer is no i don’t feel less wealthy at all. matter of fact it would be a greater challenge to dominate the market when it goes down because there are less competitions and opportunities are to be seek. Even with competitions, there are plenty of inventories for everyone. a great investor will change strategies and tactics as the market changes.
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Yes
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I am welcoming lower home prices as an opportunity to dip my toe into the real estate investing swimming pool! With Donna’s help! After all, there are many who have said this is a much less difficult time to invest, with less competition than a blazing hot market when there is little to buy and high prices. I live in Fairfield County, Connecticut. In 2004-5 a tiny starter home on a small lot was $550K - what could be better timing than Donna’s help and a favorable “price correction”!?!.
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I believe wealth is a state of mind. I believe that I am wealthy. That I am in harmony with body, soul, and spirit, and that I manifest this state of mind daily.
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No, I feel wealthier than this time one year ago. I consciously stripped away all (and I mean ALL) physical possessions that I did not need to pursue my dreams of, once again, developing a profitable gold mine. I sold or gave away most of what I owned and packed what was left into a white Ford conversion van, and left Minnesota for California during July of 2006, planting remarkable seeds that are about to bear fruit in 2008.
I sacrificed my good credit, taking many weeks away from work to pursue my dream, knowing that 1) I would one day realize my dream, and 2) that I could re-build my credit using Donna’s Credit Millionaire tools. I’ve had your “How to Go From Credit Repair to Credit Millionare” handbook since you first released it.
It has taken time to manifest this dream. I plan to spend at least one month in the Yukon (Canada) next May or June, helping to bring a profit-ready gold mine into production. With $500,000. needed to reach profitability within three months, plus a reserve of $500,000, the mine should produce about $3,000,000 of profit the first season. $12,000,000. is a reasonable profit estimate for season two and beyond, using a $600/ounce gold price for figurin’. (See the website at http://www.ac-mine.com for more info.) FYI for those who aren’t paying attention, gold has been hovering around $800/ounce for months. Approximately 250,000 ounces has been estimated in the reserve, worth about $150,000,000. at $600 gold.
And Donna, thanks for asking!
Byron Aldrich
thegoldguy@gmail.com
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HI Donna,
I am more wealthy this year then ever before… Even with the economy the way it is I am having outrageous business groweth because of aligning myself with people that have the same business philosphy that I have… And having a prosperity mind consceinceness.. Now that I have youre book and youre program in my hands ,08 and from here on out is gona be a success…
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I am financially no better off than I have been the last two years. However, I scratched up some money to buy 3 courses on credit repair, real estate investing via short sales and real estate purchasing via buying reo’s.
I have improved my credit scores but still have to raise my score at least 50 more points to get into some lenders acceptable range. It will take some time and I may even get professional help. My greatest issue is with all these lenders using their own “algorithms”. My score then becomes unacceptable.
I believe 2008 is a great opportunity to anyone who chooses to ride the foreclosure wave. I think buy and hold strategies will be the best mid term wealth builder. Flipping and wholesaling will be good for those getting steep discounts and being able to sell at below market prices.
I intend to meet Donna Fox in person by March 2008. We can do a deal and both make money.
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I know that things are tighter financialy than they were a year ago just simply by looking around at the other business owners.I see that they are not able to get the financing nessary to move forward and build their business. The back bone of this country is small to mid size companies, and they are closing and laying people in record numbers, we are in for a serious problems as a Nation unless the government takes action now!
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Definitely less wealthy. I left a job paying $115,000 a year for a commissions only job that paid about $30,000 this year. I purchased three investment properties, the first has dropped in value to about $200,000 less than I owe on it. The second has been condemned by the city who plans to tear it down and charge me $20,000. The third one is in a good neighborhood, is next to a property that just sold for 6 times what I paid for mine. Have a rehabber lined up but lost the financing to complete the rehabbing. My credit score has dropped by 80 points due the the increased debt. My finances have reached a critical point.
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What a great season for a “Short Sale Specialist!” Historic cycles over the years have shown that everything passes. This is a big time, life-changing one unheard of since the “big one” of the “30’s.” However, “we live in an abundant universe and manifest our beliefs.” A major shift in attitude has created some unbelievable income for me (with no end in sight). For my career, “this is the eye of a perfect storm.”
True success, both spiritual & financial, exists under all conditions.
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I feel even more blessed and wealthy than I have ever felt in my life. If I focused on my current situation which might look grim to a lot a people…I would definitely see no way out. I have a business that is one year old and on the cusp of greatness or failure. I keep moving toward greatness eventhough my financials speak otherwise. It is the mindset in which we deal with things. I chose not to become my present situation, and I chose to think and speak wealthy at all times. If I bombarded my friends and family with what looks like a horrible reality it would be pointless. I tell myself repeatedly…I have more money than I know what to do with…it works for me.
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In terms of Cash in hand or Available Credit I definitely feel Less Wealthy than last year. In terms of Knowledge and Education, I am definitely More Wealthy! http://www.MortgageImplode.com is one of my Favorite Sites that keeps me updated on the Housing Crisis, the Sub-Prime Crisis, Lenders who have gone out of business and the Economy as a whole. With the Current Housing Market, the Outlook for 2008 looks Bleak and Worrisome! My 2007 Income took a Nose Dive while I continued to Invest in Real Estate, “The Same Old Way” that previously worked for me. Those Methods won’t cut it in 2008 and beyond. Armed with a lot of new knowledge I have learned over the last 3 - 6 months, I am convinced that 2008 is going to be Profitable year as a Real Estate Investor and I have been doing this Full Time since 1996. I am in the process of taking the time to make a Written Plan that I will Implement in 2008. The Planning, Action and Implementation of my Goals for 2008 will Guarantee the Results I’m commited to achieving.
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Financially, yes, I am definitely less wealthy. In fact, it’s the scariest place I have ever been. But I have looked at 2007 as my “learning curve year”. I am moving from a j-o-b to building my own businesses after over 30 years in the same profession. I made one major mistake, and I allowed it to paralyze me for a good part of the year. I’ll be honest, it still eats away at me, as I have never “thrown in the towel” before. Thanks to your credit repair advice, I know I will get through it eventually.
As far as my life and goals are concerned, I now am experiencing a “wealth” of excitement, passion, fear, optimism and hope for the future. Yes. I included fear in the mix because it isn’t all upswings with no risk and downturns. But I was stuck before, thinking I had no option but to keep doing what I had been doing because it brought in a regular paycheck. But I no longer felt excited, happy or passionate about anything. Now I see possibilities for myself,and I am taking steps toward a new future, one that I am designing. It is taking a circuitous path, but it definitely is not stagnant! I have grown in knowledge, possibilities, friendships and mentors this year.
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I in fact feel more wealth than ever thanks to websites and information such as The Credit millionaire and a few others. Wealth’s value is not in dollars, but in information.
It is information from excellent sources that create wealth! Information is the source of knowledge needed and related to any endeavor that one takes. For example, real estate, if a individual is going to earn his wealth in this profession, than he or she needs all related information regarding real estate to make proper decisions as to which course of action to take and the people/professionals that the individual associates with. WITHOUT PROPER INFORMATION AND THE UNDERSTANDING ON HOW TO TURN IT INTO RELATED KNOWLEDGE, WEALTH IS UNOBTAINABLE! ONCE WEALTH IS OBTAINED, IT REQUIRES INFORMATION AND KNOWLEDGE TO MAINTAIN AND KEEP SAME. INFORMATION IS THE PATH TO WEALTH! AND I AM WEALTHY IN INFORMATION, MY NEXT TASK, IS TO TURN IT INTO DOLLARS!!!!
Leonard Batson
The Wealthy Informationist
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True wealth comes from within regardless of outside situations. So my belief within is that in any situation
there are opportunities. It often depends on what my mind choses to focus on. I feel just as wealthy as last year
because there are always opportunities to turn lemons into
lemonade. Following the inspirations within or your gut instinct always leads me to the next best step.
I wish all infinite abundance!
~Lynn Stanyard~
http://www.Living-Intuitively.com
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Donna,
I feel wealthier than ever!
In regards to my wealth of knowledge, that has increased exponentially this year as I have invested more in my education in 2007 than I have in the past 5 years combined!
In regards to my monetary wealth, I have built a reserve of savings that I have never had before. With the dollar losing value month after month, I had converted almost half of my savings into foreign currencies such as the British Pound, Euro, and Canadian Dollar. I’ve even taken advantage of the Canadian-Yen carry trade. And credit wise, with the wonderful information provided by you, I’ve been able to boost my credit score. Also, I established a C corp some months ago, which has allowed me to gain access to sizable lines of credit.
With so many homeowners in trouble, it has allowed me to get into real estate investing and help people out of their bad situations and put money in my pocket at the same time.
I’m experiencing an abundance of wealth and it has only just begun!
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Yes, financially we are in a very bad place. Both my husband and I lost our jobs last year. He got another position, that pays substantially less than what he made before. I’ve been trying to make real estate investing to work for us, but so far it has not. 2008 has to be better.
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Wealth to me is not a feeling, it’s having enough passive, residual income that you can do what you want when you want without concern for external factors like the economy. Am I there yet? No. But I am making definite progress and I’ve teamed up with several great advisers to keep me pointed in the right direction as well…including you, Donna.
What I do ‘feel’ is hopeful…even sure. I know that 2008 and beyond will draw my family and me closer to our goals of true wealth. While the economy is throwing hurdles at most Americans, for those with the right mindset and access to money the challenge is doing due diligence on all the possible ways to make money.
Thanks for your dedication and Happy New Year to you.
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No, I do not feel less wealthy! For me, wealth is a worldview. I am rejoicing in the unlimited possibilities of this year. There is much to learn, much to do, and wealth enough for everyone.
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There has been a lack of income as I have entered the mortgage industry this year and have gone through the learning curve. However, I have increased in the wealth of knowledge and look to add to it with the addition of the best knowledge to come. With the coming year the discovery of your wealth knowledge added to expand my limited insight, I will be gaining wealth that can never be lost to the changes of economic conditions to be able to make the best of all times.
Looking forward to the most profitable year of my 60 years.
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I feel less weathly this year than last year, because I feel I do not have the correct format or examples to learn the proper way of buying and selling of real estate. There are alot of courses out there,but they make you read all this information. I feel the best way to really learn is having someone there with you every step of the way showing you how to do real estate . In order to really become successful you have to have someone willing to allow you to become successful in the real estate game. Real estate is a game and you have to learn to master the game.True success is nothing if you do not bring people with you. I find I all the real estate courses all they care about is money , not making people successfu in life . When I find that person or people willing to help me , showing me , not having me read a bunch of stuff. True success is giving to others. Most in this game just take and take , you never hear about successful people in real estate taking a person showing them with out it cosing the person being showed any money from his or her pocket. The people selling all theses real state courses if they are really successful , why we never hear about them taking one person and making them just as successful as themselves.
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It’s just great to see the media continue to exaggerate. As an example, has anyone seen the media talk about the real estate boom going on in Louisiana? Nope, they’re still talking doom and gloom. And, all the while savvy individuals are building (or buying and fixing) and then either selling or renting out for cash flow.
In my area things have indeed slowed down. But, it has not stopped opportunities. In fact, the home that we just moved out of is worth about 20% less than when I got a HELOC on it a year ago. The media would have me believing that I am less wealthy. But, since I am not selling the property, it doesn’t affect my wealth in any way at all.
In the mean time, I have used some of the cash from the equity loan to renovate a rental that we owned and moved into. Then, we pulled $35,000 cash out of it, with a re-finance, to reimburse ourselves for the renovation. Today, I just closed on a small two-lot subdivision and made a quick $7,499 profit from a builder who paid cash! There’s still plenty of money out there.
I have begun working on a short sale that will close next month. Things just keep getting better and better. Keep the ‘bad news’ rolling. The more sellers and banks are influenced by it, the better deals we will find – if we look for them.
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I do feel less wealthy, but not because of home values. Yes, the general cost of living such as gas and food - I can’t believe how much strawberries and milk cost these days - however the credit crunch is what is really making me feel uneasy. My 690 middle score used to be great credit and stated income mortgages let me take advantage of many real estate deals when they came along. Last month I got notice that three of my mortgages are adjusting. When I went to inquire about the possibility of refinancing, my mortgage broker told to me to come back when my score was at 720 or better!! Just in case he was wrong, I checked with about 10 other mortgage brokers and banks - same story. So here I am faced with bargains all around, but no ability to snag them with my bad credit of 690!!
To Sum it up: my real estate business is faced with taking over over-leveraged property with negative cash flow - not an option, and the inability to buy any great deals using traditional financing. For the first time in 6 years of investing, I feel like I may be out of business. Real estate anyways.
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Definately worse! This time last year i had 75,000 dollars in the bank and owned 5 houses, Right now i have the same 5 houses but now i have $750.00 dollars in the bank, with 2 of my rentals empty because of buyers backing out and a small fire in the other one! The biggest factor has been my credit score along with not being able to get business lines of credit. I have the credit millionaire program, and it has alot of good ideas. My credit is good in the sense that i have never been late on anything, but i have pyramid my credit keeping things going. What i need is business credit along with business lines.
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I definately feel less wealthy than last year. But my refusal to just except my current financial slump, doesn’t sit well with me. If i could only get a more clear picture of what this young millionaire in the making needs to do to achieve his goal is the Question. If i could just get that 500k biz line of credit is a start. I have some deals that i would like to make happen, but its unfortunate that I am not able to take advantage of these oppurtinies that lay before me. Help me Donna !
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no effect as of yet and am looking to increase my credit lines as there are many buying opportunities…
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Donna, we are definitely seeing a decline in our audio recording studio income because people feel hesitant to spend money on creative projects as they worry about their jobs being outsourced, or uncertainty bringing a decrease in inspiration and creativity for songwriting and other creative projects. It’s pretty sad, because we as a people should be excited about opportunity rather than worried about survival in this great nation of ours… next year we will be seeing how we can help make a more positive impact in our world.
M.E. Wilson
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I would not say that I feel less wealthy, just more sick of my situation! I think in the past, whenever I heard that I needed to have good credit, it was more of a theory to me. It did not feel very urgent or real, even though I had already suffered the effects of not having worked to learn how to get and maintain good (or great) credit. I began learining about real estate investing, and then bought Donna’s book From Credit Repair to Credit Millionaire and started reading but not applying. I now have an LLC and my credit has gotten worse than before! The fog is now lifting, and I am starting to understand the direct impact that my credit will have on my business; whether or not I will have the funds available to take advantage of deals that present themselves. I definitely agree with digging the well before you’re thirsty, and am ready and eager to begin getting as much credit and financing as possible! I now have a small business line of credit, and am looking forward to learning and applying as much as possible as quickly as possible. This market may be really bad for a lot of people, but it will just mean more deals for everyone that understands how to work in it. And I plan to be one of them!
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Well, form a personal development stand point I do feel more wealthy. SInce I have takent the giant leap to gear my career towards working as a smart investor and not a a hard working realtor it has made a significant difference in my income. I purhcase my first investment property which I am renting out, but I have spent so much money just to get this part of the business going. My credit has increased tremendoulsy, but being that I had a past bankruptcy and little experience as an investors banks are shying away from lending to me/my business. I am single with five children and am working a network marketing business, a R.E business and an investment business. The fruits of my labor have yet to appear, but I keep going. It is emotionally difficult at times and I find myself constantly trying to focus on building myself financially rather than the financial turmoil (it is hard). In addition I have been trying so hard to retire my mother who is sufferring from polymyositis. my load is heavy, and I am a bit dissappointed with the lack of progress I have made so far. I can do better, I just don’t know how anymore. My mind is cluttered with thoughts of the right steps to take. I have invested quite a bit in Robert Allen instistute which is great and supplemental materials. No one said it would be easy, but after surviving an 8 year abusive marriage and supporting my children (alone even during marriage), I am growing tired. I’d like to show how strong I am in my response to this question and pretend as if the world is on my shoulders and I am managing things with great strength and lack of falter, but I cannot. I am a survivor, but I don’t just want to survive. I need, I deserve financial independance, I owe it to my children, my parents and myself. I have spent several thousand hiring a company to build my business credit (great company-slow process). I have nothing left to spend. My current situation is as follows: I will take a couple of positions in another industry because I need to provide for my family, and will continue to push towards a lucrativ career in investing. You know its funny, I have always been the one to help other people (still do). I have always put myself last. For once I have nothing left to give. I will pick myself up by the seat of my pants and keep moving forward! Thanks for listening.
Tyffani
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I believe that if you say your less wealthy then you will be less wealthy. The thoughts I choose to put into my universe are the fact that in 2008, I will be more wealthy than I am now. I will take active steps to move me in that direction and allow my positive thoughts to be the wind beneath my wings. I can’t wait for 2008!
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Yes and no. Yes because I am. No because with the downturn in the market if though I don’t have the money yet I am licking my chops to get started. This is absolutely the best time to buy and become rich!!!! Just looking for the right avenue and I think your program will make me rich!!! I would love the free coaching
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I agree with the comments on the positive side, simply because those of us who bought at the higher priced market did so with the projection that the then income would carry the properties. With the current uncertainties resulting in a high foreclosure inventory and causing banks and other lenders to discount their REO’s and homeowners ready to sign over their property without bargaining spells “Opportunity—Unbeliveable opportunites for the investor with ready cash. Since the current market conditions does not affect the rental market.
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Yes, I feel less wealthy. After many years of contemplating taking the plunge into real estate investing, I did last spring. Immediately thereafter the bottom fell out of sub prime lending. Currently I have two properties in hard money which I cannot refinance out. The people who can afford my properties can no longer qualify for loans.
I will get all of my other properties either rented or under Lease Options within the next 60