What would you do….
1. You have 65K cash to spend.
2. You can't get conventional financing for another year due to a short sale.
3. You're soon to be homeless and jobless.
4. You will be moving to the Pensacola/Milton area due to the potential job/RE opportunities/and nice weather. (easier to be homeless in a warmer climate!)
The above is happening to me, as I work overseas and will soon be back home. I've been trying to think of the best way to slay this dragon. I can come up with three options.
1. Acquire a small duplex outside of town with a combo of cash and/or private/seller financing. Using the rent to cover most/all my costs to own the property. Then refinance when I can to get my capital back/pay off private lenders.
2. Acquire a small home for cash, possibly a mild fixer upper. Refinance when I can to get my money back to use on another investment.
3. Rent a place and and make somebody's pockets bigger, but not mine.
Since future income is unknown I'm trying to avoid a monthly payment, I realize taxes and insurance will never go away but unless the property produces money I'm hesitant to borrow any money. In both cases I want my money back to use on future deals.
What would you guys do? Am I thinking about this correctly?