Newbie On The Wrong Side Of Investing
Hi guys- Interesting site! I have just recently sold my house in NC on a transfer to FL. Then my company (not mine) started having money problems...which led to me having money problems. Long story short, have been in Ft. Myers about 10 months, just took a new job in Ft. Lauderdale, have no money to buy a house, and have racked up sizeable (50k) credit card debt in last 24 months. Have few options. Am taking new job to never have problem like this, very stable etc...I'm trying to find something to rent or buy in Ft. Lauderdale-Hollywood. Have about 6 k in savings to start over on that side of the state. Job is a Mon-Fr-50 hr 8-6 white collar job, and have a good background in remodels. I need to get my act together $ wise. I was thinking renting a decent place from someone and fixing it (or another of their investment properties)up on weekends (though I can't have wife and child living in $ht,and hopefully work out some kind of split. Is this possible? How would I find such an arrangement? Thoughts? Advice?
Hello Itellic,
You can look in the new paper for things like, "will assist with financing", "a fix'er", "needs TLC", "must sell" and the like. These little things will let you know the seller will do creative deals. Most FSBO'er will do creative deals. This way you can purchase the unit at a low price, fix it and sell it, then move on to the next project. If your family want mind moving a few times. If you can earn 20k per deal, you will be out of debt.