"Our Individual Debt By Ron Davenport As we begin 2010, all of us are aware of the financial condition of our country. All of us have been impacted in one way or another; from job loss to furlough days, from reduced hours to less people calling you to do work. There are many others to add to this list. Many of us lost a large portion of our retirement packages when the economy tanked in late 2008. Some of it returned but we all spent the year recovering regardless. I want to share with you what our family has done to counteract the bad things that are happening around us all. In 2008 I received a 1% pay raise. I didn’t receive a pay raise in 2009 or 2010. In 2010 my vacation benefit was cut by 24 hours to help make up the budget shortfall. I have been told to expect up to a 10% pay cut in 2011. My employer contributes less to my pension and health care costs are up. Net result is less money on my check. My wife Debbi was told there would be three furlough days at her job during 2009. She took two days off without pay. Economic conditions improved enough to allow the cancellation of the third day. In 2008, Debbie and I recognized we were on a bad financial path. We were becoming buried in consumer debt, auto loans and mortgages. We decided to begin paying off our debt using the Dave Ramsey Snowball Technique. We paid off one small bill and then added the new available money to pay off the next bill. Over the course of the year, we paid off about $12,000 in debt. Not a bad year at all. In early December 2008, I was listening to the radio and happened upon a show that was talking about a radically different technique of paying off your debt. They said you used the same money you make in a totally different way to pay off debt in an incredibly accelerated way. I was intrigued by the show to say the least. I looked up the web site and talked about it with Debbi. I then signed up for the next seminar that was in the area. Debbie and I went to the seminar and I was amazed and confused at what I saw. Debbi and I signed up for the program that day. We spent the next couple of weeks reorganizing our finances into this new system. We had signed up to be coached by the company and had a couple of coaching sessions. By mid January 2009 the system was in place and working. Within the first month it became very obvious that this system works. Throughout the spring, summer and fall Debbi and I followed the system. By the end of the year we had paid off or reorganized approximately $34,500 in debt. When we started the program, we had about $1,250 in our account each month after all our bills we paid. Today we have about $2,300 available. While I didn’t get a pay raise at work; we gave ourselves about a 100% pay raise! Using this system, Debbi and I will be completely debt free in 7 years. Oh, and by the way, we didn’t change our lifestyle at all. We still have everything we had before. Debbi and I have been married over twenty years and haven’t saved a dime. Our midset was, if you needed it, you bought it on credit and paid for it slowly over time. 100% financing was our motto! We have paid thousands and thousands in interest and fees over the years. We bought what we wanted, when we wanted it without thinking of the debt. Credit was easy, and we had a lot of it. Here is the result: our dept to income ratio was over 50%. Not good at all. It is now 30%. That’s a 20% reduction in our debt ratio in 1 year!If you are getting this letter you know us, we’re just an average family probably like you. Please read this and then read it again. We are no different than any of you. If Debbi and I can do this, any you can too. Here is my personal goal: I want to teach our kids to not follow the same path we followed. I want to teach them how to manage money the right way. I can’t imagine where we would be today if we had had this information when we were young. The web site is
http://www.gortn.com. Go to the web site read the information, go to a seminar and get started on your financial freedom from debt. Please. I will gladly go with any of you to the seminar. I learn new ways to reduce debt every time. Here is the next benefit. They will also coach you on building your retirement account at a faster rate. So you get your debt paid off and wealth built up in one place. We do not work for this company and we will receive nothing from them in return. Our satisfaction will come from you learning and using the same tools we use to improve your family’s financial future. If any of you have any questions, call or email us, please. Don’t delete this, just let it sit in your box and keep looking at it. God bless all of you, Ron, Debbi and Kids "
Ron Davenport Wed Mar 10, 2010 "What a journey this has been! From not knowing the first thing about real estate investing to now owning 2 investment properties is unreal to me. Once these first 2 properties are rehabbed, rented, and refinanced I will cash out over 22k, with 37K remaining equity, and it still leaves a positive cash flow on each home. I can't thank you guys enough for all you have taught me and for helping me along this journey. Now that I have acquired the first 2 properties I know I can do this again and again with much more proficiency. Thanks for everything!"
Chris Thu Jan 15, 2009
"I just had to write to share my good news. On September 28th (or sooner) I will be closing on my first rental property. A nice 2/1 foreclosure that has most of it's work done. I got it for $18,500. It needs $11,000 in repair, is worth 65-75K and will garner from 500-600 a month in rent! I also have a flip under contract, and lastly, I just got a contract on a great 10-unit apartment building, one block off Hyde Park in KC. So I'm very excited that my investing is now really happening. Thank you so much for everything you've taught me. You have my deepest gratitude."
Greg Thu Jan 15, 2009
"I completed my first deal two weeks ago with only $1200 out of pocket! Now I am on to my second and third deals. Both homes are rented, they cash flow, pass the neighborhood test so far, and after I buy them my equity between the two will be $36,600. I am buying them at a discount which is what we have been taught. It's only a small start to being financially free but it is a huge step for me. Thank you again for the help...it has made all of the difference. I have a hard time believing things are moving so quickly."
Daren, San Luis Obispo Thu Jan 15, 2009
"I want to thank you from the bottom (top and middle) of my heart for an amazing experience. I am feeling confident and fully operational. I’m one of your “raving fans.” I am so grateful to be working with people with as much knowledge and heart as you."
Marcia Thu Jan 15, 2009
"Just wanted to thank you for all your help. Within three days I had two offers accepted with two others pending. The first property has an ARV of $65K, with an asking price of $29,900.00. I submitted an offer of $21K, with an earnest deposit of $500.00. Estimated repairs are $15K. We close in 30 days and this property will have a positive cash flow of close to $250.00 a month. The second property has an ARV of $74K, with and asking price of $41K. I offered $30K with a $500.00 earnest deposit. Estimated repairs of $10K. We close in 45 days and this property will have a positive cash flow of close to $300.00 a month. We are moving in the right direction and we look forward to promising future in Real Estate."
Curtis A Thu Jan 15, 2009
"I didn't have no experience, I learned a lot from you. You were my Mentor, a God sent person who made a difference in my life. I made three deals closing each one in one week. They were all international. Thank you for all your help, I wish you all the world's blessings"
Gloria Thu Jan 15, 2009
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