Published by This program will help you undo financial bondage.
Numerous people have mentioned over the past year that they want to start flipping or renting real estate. They believe it is the right time to get into the game because housing prices in most parts of the United States have been reduced up to 40% off their 2006 record high levels. They have heard that others are doing this very thing and have been able to get foreclosed homes at even lower prices. Some have said that banks are selling many of foreclosed houses for as little as one dollar.
It’s true that some banks are reducing prices to get out from under foreclosed houses that are cost them a great deal of money to sit on because they must maintain the properties and pay taxes. However, it’s generally not true that they are giving away very sound houses for next to nothing. Those who are getting houses at rock bottom prices are noting that they must make a minimum of $15,000 to $20,000 in cosmetic improvements and sometimes more in structural improvements without being able to get a loan for that much from the banks. They must be able to maintain the property and pay the mortgage for months or years if they are unable to sell it or rent it to a trustworthy individual after it is fixed.
Therefore, they must have a huge amount of cash saved in order to make these deals work. Otherwise, they also risk falling into foreclosure and/or bankruptcy. Some people who are raiding their retirement accounts to make such speculative investments. I’m not a doom and gloomer and I truly believe that there are some people uniquely skilled with a calling to invest in this type of venture. However, I also believe there are some people who are not skilled and called to flipping and/or renting real estate and should probably never engage it. They are gifted and called to some other endeavor that is uniquely suited to them and can be profitable for them and their families.
If you have seriously prayed about an investment or business venture and feel that God has directed you to make such an investment, by all means you should at some point do it. Yet, you should not do it on a spur of the moment, throwing all understanding and wisdom to the wind hoping to get rich quick. You should research the methods and processes that successful people have utilized. This will help you determine:
1. The position you need to be in
2. The plan you need to craft
3. The actions you need to take, and
4. The time you are likely to have to wait before it becomes a truly profitable venture for you.
During this time, you should be utilizing budgeting which is a working, giving, saving, and spending plan that helps you put yourself in position to invest a substantial amount of money in the venture. If you’re in really bad financial condition, it may take you a couple of years to save the money necessary to invest but you’ll be better prepared and better off in the long run having made such preparations. Proverbs 27:12 says, “A prudent man sees danger and sidesteps it but the simple-minded walk right into it and suffer.” So don’t be hasty to be rich. Instead:
A. Believe you will prosper
B. Research the venture through which you want to prosper
C. Write a plan identifying your macro vision of the venture that details methods you’ll use
D. Take action to achieve the desired results, and
E. Have patience while you reach each step on the ladder to the prosperous future t that awaits you.
Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!
Proverbs 21:5, 23:4-5, 28:20, Habakkuk 2:2-4, Luke 14:28-32, 1Timothy 6:9-11
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