In Over My Head?

As you may know from my previous post, I am in the process of purchasing 6 rental properties from a couple of investors here in town. I have closed on one of the houses, and I'm supposed to close on another this week. I am getting a bit nervous, because I have next to zero cash reserves in case of an emergency situation. I finally got off the fence and got into the game, but I'm wondering if jumped into the wrong deals... time will tell.

I won't let this keep me from continuing in this business, if anything it is motivating me. I need to find some deals that will bring in some cash in the next few months so I can build up a reserve. I read on another REI blog that the guy was tired of "chasing" houses. I know what he means. I've called on closed to 50 houses in the last three months. I think I need to make better use of my time.

A Little Bit About Me

Hey, my name is Jim Jones, I live in Tulsa, OK, and I am in my late 20's. I have been looking at doing real estate investing since I was 19. Over the years I have purchased several courses and read several books pertaining to real estate investment. Carleton Sheets was my first, followed by Russ Whitney, Ron Legrand, William Broncheck, and anything I could find on the web. I finally endend up paying a bit of money (too much to mention here) for a 1 on 1 real estate mentor. Really all that has done was helped me get the ball rolling, which is a good thing.

My mentor had me research the local market, and I ended up with a map broken down into neighborhoods, with good information on pricing and time on market for each. The first two Saturday's of January 05 were spent driving two of those neighborhoods (out of 70), which yielded a whole slew of vacant rundown properties. A few calls later, I was on my way to purchasing 6 rentals at a discounted price with positive cash flow and very little of my own money (just earnest monies, to be exact), the first of which my wife and I closed on just last week.

I have done very little since January, however I want to get motivated to do more. I believe I can make money in this business, I just need to put a little more effort into it...

Lets Get It Started

After realizing my biggest problem with real estate investing is my lack of motivation, I have created this blog to detail my activities in the real estate investment world. Hopefully this will help keep me accountable...