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Welcome! You are reading the blog for Wealth-Steps.com. If this is your first visit make sure you start at our homepage and check out the many articles we have on real estate investing, building wealth, getting out of debt and personal financial planning.

Saturday, December 31, 2011

Making Money With Real Estate Wholesaling

One of the things I love the most about real estate investing is that there are numerous ways to make a profit. Ever wonder if there is a low risk and low capital way to make money in real estate? Yes there is and it's called real estate wholesaling.

When you wholesale a property you are basically finding very low priced properties and reselling them to an investor with a markup. There are numerous ways to do this and the good news is that it requires very little money on your part to do.

We just posted a new article on the Basics of Real Estate Wholesaling. Check it out and learn more about this real estate investing strategy.

Saturday, December 24, 2011

The 6 Steps to Basic Financial Planning

Just in time for the Holidays and the end of the year we have posted a new article on the main site on the basics of putting together your very own financial plan. 

Although there can be a lot of decisions involved in planning your finances a comprehensive financial plan for you can help you figure out where you are at, where you want to go and how you are going to get there. 

Whether it is to get out of debt once and for all, pay off your house or be able to retire...it all starts with putting together a plan. Your plan does not have to be super complicated and the best part is that you can do it all by yourself. 

So grab yourself a cup of coffee (it's a long one) and head on over to The 6 Steps to Basic Financial Planning page and get started there. Make sure you leave a comment at the end...

Happy Holidays!

Wednesday, December 21, 2011

Fix and Flip House #8: Negotiating on Bank Owned Properties

In the last post on House #8 I covered how I came to find House #8. Now that I had done a “good enough” inspection of the house I came up my initial price that I wanted to pay for it considering the repairs that it needed, how much I could resell it for and how much profit I wanted to get out of the deal.

I say “good enough” inspection because I would be doing a more thorough inspection later during the “due diligence” period. This is something that I put into all of my offers where basically I get a couple of days (I typically ask for 3-5) where I can back out of the contract for practically any reason I can come up with, if I want to.

Friday, December 16, 2011

11 Ways to Improve Your Life Now


The year is coming to an end and December is one of my favorite months for two reasons. First, because of the Holidays, the time off and the fun of the season. Second, because I get to look back on 2011 and see what I did with the year.

Looking back on your year can be good and bad…

Good because in the rush-rush of everyday we are always looking to what’s next but if you take some time and look back you might realize that it was a great year, better than you remembered.

I know I realized one lifetime goal this year, riding my bike through the French Alps. Yet somehow it feels like it flew by unless I stop and think about how great of an experience it was.

It can also be bad because you might realize that your year did not go the way you wanted...you did not achieve the goals you set for yourself...you might not be where you wanted to be.

As painful as this can be it’s important that you realize it or else you can’t learn from the experience and become better from it.

So considering that December is a good opportunity to look back, evaluate, clean and prepare for the next year, here are some good things you might want to consider doing this month:

Wednesday, December 14, 2011

Lessons Learned of a First Time Entrepreneur

Because of my real estate business and this website I have had the experience of being an entrepreneur and business owner for a couple of years now. In that time I have been able to pick up a few good business lessons that I would like to share with you.

Some people might think that to be successful in business you have to resort to some undesirable conduct or looking out for yourself at the expense of the other in order to make a profit. The reality that I have encountered is not like this at all…

Saturday, December 10, 2011

Guide to Simple Net Worth Calculation

Knowing your personal net worth can be beneficial in many ways. There is a saying that says "what you focus on grows...what you ignore, does not" or something like that...

Your net worth is one of the ways that you can quantify and track your wealth. If you are commited to building your wealth then knowing your net worth and tracking it over time is a must do.

We just posted a new article on the main website that will leave you without excuses on calculating your net worth. Go check it out and leave a comment or ask a question there: Simple Net Worth Calculation

Friday, December 9, 2011

Our Next House Flipping Project: House #8

We have found our next house flip, House #8 is our new rehabbing project. Unlike our previous flipping projects there are several things with this house that is going to make it a different deal for us.

Our previous home flipping projects have been mostly houses for first time home buyers. Here in Atlanta, specifically the North and Northwest part of the city,  that typically means a house with at least 3 bedrooms and 2 baths and in the low $100,000 price range. Our typical rehab cost is in the $20k range and it takes us about 2-3 weeks of work to turn a house around. 



With our last property, House #7, we started taking a different direction in terms of the customer we are going for. What was attractive to me about that property was two things: the area and the features of the house. The area was good because of the schools, the higher property values in general and the lower number of foreclosure which is a BIG deal if you are trying to flip.

Wednesday, December 7, 2011

Becoming a Part Time Entrepreneur

Building wealth requires many things. If your main or only source of income is your job, you may also have some savings in the bank, possibly a retirement account and maybe some investments. You may have realized that those will not be enough for you to create wealth or achieve financial independence.

If you haven’t realized that yet, then let me be clear: IT’S NOT ENOUGH-YOU WILL NOT ACHIEVE WEALTH RELYING SOLELY ON A J-O-B!

I discovered that the hard way. Your job is here today and gone tomorrow…

Which is why, as important as having a job is, living on less than you make, saving and investing will probably not be enough to become wealthy.  Therefore increasing your income by creating multiple sources of income is absolutely critical.
 
Being debt free is also very important but I am assuming that you have already realized this. If you want to go from  debt to wealth make sure you have a plan to get rid of debt.

Enter the part-time entrepreneur…