From Payday Loans To Paid Off Homes
The story of how I went from using payday loans and drowning in debt to walking the path of financial independence
In 2009, I had just moved to San Antonio, TX with my wife and my 9 month old daughter. My wife was starting a new job and I was working a dead-end job driving an hour each way and working 10 hour days. Not a good situation. To add to that, I wasn’t paid well and debt was piling on. Even though times were hard, I had no idea that chaos was truly about to rear its ugly head. Keep reading to see how bad it got and how Flipping saved my family from destruction
Shortyly after moving to San Antonio, my car (which was in terrible shape) broke down beyond repair. Mind you, we lived an hour away from my dead end job and my wife worked everyday. We had just moved to town. No friends and family that was spread out and had their own lives, jobs, kids etc… Once I couldn’t reliably make it to work, SUPRISE SUPRISE! I got FIRED! All this 2 weeks before Christmas. So now I’m unemployed in a new city, with one car that my wife needed to go to work and a newborn baby. Ha! Things were a little strained to say the least.
After a couple of months of unemployment, I was able to get another dead end job. All the while I knew I wanted to pursue real estate investment. I just didn’t know how to move forward with no car, no money, and very little free time. The new job had me riding the bus to work. We couldn’t afford a second car and like I said before, my wife had to have the car to get to and from her job. So I would get to the bus stop at 5am in order to get to work by 8:30am. I would work until about 7pm and my wife would pick me up. Again, no way to live.
Now due to my unemployment and generally speaking low paying jobs, we would often would get to the point where there was more month than pay as the saying goes. We sold personal items, I worked odd jobs on my off days and even had a second job I would work on the weekends in the evenings. This however was still not enough. We had some previous debt and current bills and couldn’t keep our heads above water. We turned to a necessary evil…Payday Loans. Now without going into detail about how payday loans work, suffice it to say they charge you fees and interest through the nose. I was a regular at my local payday loan location. Thankfully I would use them and pay them back usually within the same week. A time or two, though, I would have to get a payday loan from one company to pay back the payday loan from another company. This was costing us a small fortune but we did what we had to do to get by. We were at our financial rock bottom.
A Change In Action
All this time, I was aware of selling pre-flips (wholesaling), I knew I wanted to flip houses and I also knew I wanted to own my own rental property. With the support and help of my amazing wife, I changed our routine. On Saturday mornings, before I went to my second job, I began trying to find houses to wholesale. I would get in a neighborhood that I thought had potential and I would go door to door putting “I buy houses” flyers on every person’s door. I was relentless when it came to my new Saturday morning routine. If I found a vacant house, I would mail the owner a hand written letter. After about 6 weeks, persisitence paid off. I got a call, an appointment, and an accepted offer. Because I had negotiated a great price, I was able to sell my rights to the contract to another investor for $10,000 !!! This was a life changing moment and confirmed what I already believed deep inside, I could make this business work! While I still kept my dead end job for the next few years, I grew even more passionate about real estate, spent more of my free time dedicated to real estate, and continued to find more houses to sell to other investors as wholesales or pre-flips.
Find Out The Rest Of My Story At My Blog Along With Other Tips And Advice For The Beginning Real Estate Investor
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