Posted by Jim IL on June 22, 2001 at 17:51:41:
Jay,
Well, okay, lets look at what you said here a minute.
You said, "I don’t think I can get another property as long as I’m making payments on this one…"
Guess what?
You are right!
If you think you can’t, then you are right.
Same as, if you think you CAN, you are right!
Someone here says something like this often in his posts.
Anyway, why do you think you cannot buy another home while paying on this one you have now?
Trust me, it can be done.
Heck, many of us here do it all the time.
Would I advise someone to get into REI with NO money and NO credit to use?
No!
But, I would not stop them from doing it either.
It seems that the best course of action for someone with limited or no cash on hand is to do something to make some cash and buy some courses.
While you are working at whatever to make this money for education, keep reading here, and also goto the public library and gather as many books as you can find about REI.
This way you can see all the different ways to invest, and decide which way you want to go.
After that, start marketing, and the calls will come.
After enough calls, you will get some deals, IF you are educated as to how to structure them.
L/O’s seem to be the easiest way for someone with limited resources to get started, so try that if you understand them.
Bottom line is, when you talk to that first truyl motivated seller, having cash and credit available simply will not come up.
Good luck, and go get em,
Jim IL
