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Please share in my success....................

Posted by: Nate-WI
Posted on : 3/17/2009 7:03:09 AM

Hi Group,

I'm not really sure how to start this thread but here it goes.

About 2.5 years ago when I started full time in REI I had about 110K in what I call "bad" debt. Debt like credit cards, business, 2nd mortgage on my personal home, and debt that I accumulated through my own stupidity. The bottom line was this debt was not making me a cent and I really wanted to get this paid off as quickly as possible. It was drowning us, we were getting by (barely) on our mortgage, etc.

So here was my plan.........Instead of being mad that I couldn't pay this debt off in full right away I set a monthly plan. I started paying 3.5K each month towards my debt and if I could afford to pay more each month then I would, but 3.5K was my minimum. I wrote down this goal, started with my smallest debt, and worked my way through each card, credit line, and my 2nd mortgage. An amazing thing started to happen once I made a clear goal and actually put it to paper.

The debt started shrinking fast! It made me focus each month on what I had done and kept me on track. Before I was beating myself up because I couldn't get to the big goal of 110K. Now....as each month passed with the goal attained I would take out my wife for dinner to celebrate the small goal of 3.5K paid for that month. The 3.5K was definitely within reach each month and it made me appreciate the work that I was doing to get to this goal.

Well.......as of yesterday that 110K is gone. My goal was to have this amount paid off by August of 2009. Folks.........I just can't tell how good this feels to have this monkey off our backs. Yesterday we wholesaled a house for 11K (to an investor no less, lol) and were able to pay off the rest of the debt that we owed. I was driving to my bank after closing thinking that I couldn't believe that it was actually coming to fruition. When I came home Jen was so excited, happy, and I think relieved that we can finally move on with other things.

I really want to thank this board for giving the education, tools, resources, and most importantly a place that I could come and ask anything and everything and get real answers. One thing about the FH community that I love is that you get straight shooting and honest answers. Answers that you don't like or want to hear but you know is the truth. The FlipVip group that I'm involved with has been an incredible experience and I hold those 10 people in the highest regard and want to thank them for their help and support. A special thanks to Steve Cook who as my mentor and friend who has pushed me to become a better investor and a better husband. I can't thank you enough Steve.

Now its on to set some goals on how to pay off our house mortgage by the summer of 2011.

Thanks everyone,

Nate-WI