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Reducing Debt takes a plan. Sticking to your plans takes perseverance. That's why a debt coach is so helpful. Having someone you have to report back to helps you persevere and continue down the path where you can become debt free sooner than if you were doing it all on your own.
Real Estate Investing Forums provide helpful comments from others who are working in the same kind of business. You can find out what struggles, successes and secrets they possess that can help you in your own efforts.
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Prosper Students experience success in Real Estate
Lease Options Provide Great Opportunity To Investment Effectiveness
I have learned a great deal about lease options and the opportunities that they can provide. I did not realize how effective they can be. With in a week I had made an offer on a property for 285,000. It was accepted. And we closed about 5 weeks later. I had virtually no money to put down; I used a credit card for the deposit. When we closed I received 7,000 back plus the seller paid for closing costs. The property is 2 homes on one corner lot. I am going to split the lot in 2, creating 2 separate parcels each with a house on it. One house is a 3/1 1100 sf the other is a 2/1 850 sf I have plans to renovate both of them using the money I get from the first mortgage I put on the 2nd house. The total combined value after renovation and lot split is complete will be approximately 500,000 I plan to spend 25-35,000 on renovations. My profit will be approximately 150,000 to 180,000 in about a 3 to 5 month time frame.
Justin M., Orlando, FL
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Couple Vacations Without Debt; Continues To Focus On Reduction Program
Well we did Vegas on coupons, unfortunately the tables and slot machines didn't have coupons, but we came out in fair shape. I did reduce my accelerated payment for this month by $400 to cover what we spent above the amount I had planned. We had a great time and did not increase our credit cards; I used to think that couldn't be done.
To answer the first question we are well on our way to be debt free and that feels great. We will pay off the first debt, a car payment, next month. We have a different way of looking at finances now that will allow us to break out of the debt cycle and to start building our wealth. We still use a debit card but our credit card days are done. We are starting to pay more attention to the cost of items and using coupons. While we were in Vegas we saw several shows but we used buy one get one free coupons for each one that we saw and did not pay full price. We also took advantage of other coupons for dinners etc..., something we probably would not have used as much if at all a year ago. Our debt freedom date is March 2011, four years and ten months. We will save $101,164 in interest. If we had invested the money that we are now wasting we could have created a retirement account of $28,797,287. (Debt free for windows is quite a tool)
As we discussed at the beginning our situation is a little different as I am about to retire from my present career. We will actually reach debt freedom much quicker, because as I leave I will receive a bulk payment for all leave time on the books (about 4 months salary) and our retirement plan provides us with a bulk payment equal to 24 monthly payments as soon as I retire and then monthly payments after that, I think that was originally designed to help people pay off their homes as they retire. At any rate I intend to use that money to max out my 401 K for the year and then use much of the rest of it as one super accelerated payment to help cut back on the amount of time it will take to become debt free. We have formed a S corporation, Hilo Way Corporation, which will specialize in education and management consulting. Beth is about to sign her first contract with a nursing school in St Louis to develop two on line nursing courses and to teach two other courses as well. She will also be doing some on line mentoring with other instructors. I am still working on getting my end of the business off the ground, but intend to develop supervisory courses for police agencies and to start a program of consulting with municipal police and fire agencies to solve management problems. So life is good and getting better and our finances will not be the constant worry they have been in the past.
Thanks so much for your help, we enjoyed our sessions together and certainly learned a lot of valuable information that will help us in the future. I am sorry we were so slow in getting this back to you but there never seems to be enough time in the day; I guess we need to take a course in time management as well.
Mike S., Saint Peters, MO
For more information on the Prosper Learning Program, please visit the corporate website at http://www.prosperlearning.com.
Wealth Conditioning
Have you conditioned yourself for wealth? This may be a new concept to some, however, the term conditioning refers to the idea that you need to be conditioned (or prepared) for wealth. The wealth transformation doesn't happen from one day to the next, however, it can happen quickly depending on how receptive you are to the things you are being taught. As you internalize the training, you take on a new mindset, one that allows for the abundance around you to be materialized in the fastest possible way.