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unorthodox

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Apr 15, 2015
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$20k in debt
24 months left on a non-transferrable $450/mo car lease (dodge challenger)
thinking of filing ch 7 bankruptcy, learn from mistakes and start over
felon
no degree
great at sales
in good physical shape

I became a real estate agent in Michigan about 5 months ago. I'm on a draw ($2k a month, $1500/mo after taxes) and I can barely make ends meet. I've brought 20 listings for the company, not one has sold yet. I asked the owner for an increase in the draw, he said he would do it - its been 3 weeks and still no increase. I'm embarrassed to ask again. I have the hustle in me but I literally cannot live off $1500 per month and nothing is even pending to be sold.

I could try asking him again, but clearly he doesn't value me as an employee.

I screwed up big time, I know. What would you do?
 

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AgainstAllOdds

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I wouldn't file for bankruptcy for $20k.

Look for a new job. This one is obviously not paying you enough to get by. If you're in great shape, consider supplementing your income by being a personal trainer.

If bankruptcy is your "only" choice, then consider doing something radical instead. I'd go to China and teach English. Go to Chicago and get a sales job.

There's many options.

$20k in debt isn't that much. If you had an extra $500-1,000 a month you wouldn't be considering it. Get that extra $500 to $1,000.
 

AgainstAllOdds

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Why can't you live off $1500 a month?
He has a $450 car loan. Probably $150 in debt repayment. He's left with $900 a month. That has to cover rent, utilities, having enough fun to stay sane, gas for getting around to do his job, and food (which isn't cheap if his identity is tied to being in shape).

Yeah, you can survive off of $1500 a month, but his focus shouldn't be on cutting costs at this point as much as it should be on making more money... and never getting another dumb car payment.
 
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unorthodox

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Apr 15, 2015
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Why can't you live off $1500 a month?
Can you not find a second job?

Sales is the most valuable skill in the world imo - if you're good at it as you've mentioned , you should be fine.
I'm literally working 7 days a week, 80-90 hours per week. Being an agent part-time doesn't cut It, the guy I work for and many top producers all mention the same. I was cold calling today for a few hours, practicing scripts etc.

Problem is I can't support myself and asked for an increase in my draw. He said he would do it and its been 3 weeks and nothing. I might have to quit.
 

Andy Black

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@jpanarra is looking for a salesman to help sell websites (amongst other things).


One of my salesman friends was made redundant a few months ago. This was his FTE (F*ck This Event). A few months later he let me know he’s staring at an empty war chest.

I’ve told him to go signup clients for £200/mth management fee where we build and optimise the Google Ad campaigns and the client pays the ad spend direct to Google.

He’s chatted with over 20 business owners in the last 3 weeks just by leveraging his personal network. This week 2 verbally agreed to proceed. They aren’t a client till they pay the invoice, but it just goes to show what can happen.


There’s businesses all around you, all looking for more business, websites, and other things that will help them get more business.
 

Davejemmolly

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Sounds like you need to buy a pair of big boy pants and man up.

I’m not sure the ‘woe is me, I’ve made some mistakes, so now I want a do-over’ is going to get much sympathy on this forum.

20 listings in 5 months as a rookie agent are bloody good results... I knows 10 year agents who would love to have 20 listings behind them.

Seems like this is where your rubber needs to meet the road. Use your much vaunted sales skills to get 20 price reductions, or get 5 people on the fence off the fence.

You’ll feel a lot better about yourself once you’ve got a couple away and you know there is money in the pipeline.

Declaring bankrupt seems a bloody good way to declare to the world you’re a quitter, and will permanently affect your life trajectory!

#toughlovemonday!
 

EvanOkanagan

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Is the Michigan Real Estate market in a massive slump phase?

If not, I don’t see how you can have 20 listings and no offers. Maybe you’re overpricing these properties?
 

jpanarra

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@Andy Black Thanks for the mention!

@unorthodox I have a website development company. Right now I'm working on building a sales team and already have 1 on board. I'm looking for more right now. Our website sell in the 3k-10k range and the job is commission only but you get 20% once the first deposit is paid. You say that you have the hustle in you, if you do you'll have no problem getting a sale in a week or two. Send me a PM if you're interested.
 

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msufan

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Is the Michigan Real Estate market in a massive slump phase?

If not, I don’t see how you can have 20 listings and no offers. Maybe you’re overpricing these properties?
Agreed. MI property is HOT right now. Things should be selling.
 

Hugh G. Motion

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I wouldn't declare a bankruptcy over $20k. It's not worth it. It will be bringing you down for quite some time. I would rather start defaulting on payments. It will have less of a long-term impact than bankruptcy.

But before you do that. Is $20k all credit cards? Start calling them, tell them you are having hard time making payments. You'd be surprised but many companies will work with you.

Try and renegotiate your car lease. Would they remove the "non-transferable" part from your lease if you told them you would walk away? Start there. If they agree to change it, transfer the lease to someone else. There are a few sites that do it. $450 payment with your current income is just too much.

It sounds like your current work situation is not working out. Ask your boss for a bigger draw, it doesn't matter what he thinks or how he values you. Start a side hustle. Someone mentioned a personal trainer, I think it might be spot on. There are sites to advertise your services, e.g. craigslist, etc.
 

MJ DeMarco

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20 listings and they aren't selling? Doesn't smell right, are they overpriced to the hilt?
 
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unorthodox

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Apr 15, 2015
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An update for anyone who's interested.

7 days after I posted the original thread, 5 homes went pending, yes 5!

I had another meeting with the owner after this and explained I need to get a part time job since he didn't give me the money like he said he would the 1st time. He said its not in my best interest to work part time and instead to focus full time. Then he told me once again, he will loan you the extra money and that he "forgot to tell the staff" the 1st time... yeah right.

Pay day came on 11/15, no check.

He BS'd me twice.

I'm quitting without notice since technically I'm an independent contractor.

After Thanksgiving, packing my bags and moving to Tempe, Arizona.

I'm going to work 2-3 jobs to knock out my debt and get some cash to start validating some biz ideas I came up with.

I'll keep you guys posted...
 

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