Lonnie Deals With Personal Debt? - Posted by C

import · January 26, 2006, 5:25pm

Posted by CR Smith on January 27, 2006 at 10:13:12:

thanks Ray and Steve. The real estate club is a good idea.
I definitely don’t want to do the entire thing on borrowed money. i think that i will pursue the home equity line and “attack” it like you said.
cc debt is satan incarnate.
never again will i let myself be so stupid.

import · January 26, 2006, 5:25pm

Posted by C on January 26, 2006 at 18:25:50:

I’ve got some credit card debt (I know, I know, but I’m young, and got married and accumulated this). My question is, how many other people were in this same situation before making their first deal.
How did you finance the first one? Borrow from the bank, a relative, what? A home equity loan is a possibility, but the prospect of making the first move of an uncertain venture is just scary to me…thanks!

import · January 26, 2006, 7:29pm

Re: Lonnie Deals With Personal Debt? - Posted by Steve Contois

Posted by Steve Contois on January 26, 2006 at 20:29:07:

I had about 5k in credit card debt when I started. I transferred the debt to a zero balance card for 15 months and paid the balance off on the 16th month with money accumulated from my JOB. I took a 10k loan from a credit card company at 7.5 percent. I say go ahead and start doing some Lonnie deals with your credit card debt. I’ve never met anyone that created wealth by paying off their debt quickly. Now is as good as time as any. Best of luck in 06.

import · January 26, 2006, 6:35pm

Re: Lonnie Deals With Personal Debt? - Posted by Ray (MO)

Posted by Ray (MO) on January 26, 2006 at 19:35:27:

I was there but I attacked my debt first. I’m not saying that is how you should do it.

Learn to negotiate. Call the credit card co. and find out if you can settle for a reduced principle. Use your home eq loan to pay that off and then start looking for deals.

Join a real estate club and find a Mentor. Sell before you buy and attack you home eq debt with money you make from your deals. Listen to your Mentor.

Bad debt will kill your business. Avoid it.

M.H. deals are a great investment tool however don’t leverage them too much with borrowed money.
Ray