The "Get Out Of Your Car!" Fund

Sunday, May 10, 2015

Getting my opportunity fund ready

"Good things come to those who wait, but better things come to those who hustle."

This quote is attributed online to Abraham Lincoln, but I learned it from Marcia Griffin, the founder of HomeFreeUSA and one of my early mentors. I admire the fact that after 10 years (when I met her), her business is going stronger and stronger.

I want to hustle and find investment properties, but I insist on being more ready this time. I don't resent investments failures from the past. they were learning experiences. I just won't make the same mistakes this time around.

I need funding: Kristin Wong mentions having an "opportunity fund" for investment opportunities that come your way. My investor friend Alex told me to get approved for a loan before I make offers on properties. He referred me to two people. I'm also going to call in a loan. Fortunately, I've already set up an LLC but I've never used it. I'm ready to use it now. I've gotten some landlording experience with this current tenant (the unpleasant kind of experience). I'm more ready to be a landlord.

In the meantime, I'm still setting aside money for future debts that I know are coming. I want these investment properties to pay for themselves. I don't want to use debt snowball money for investing.

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