I'm torn and I need all your help please!
Hello everyone,
First thank you for reading. I really need your help and opinions. I'm 25, moved to Denver in February in hopes of selling my condo (which is mortgage free) back east and taking that money to start my own investing business. I came here for the excitement of a new city, cheaper real estate and taxes and just a fresh start to life. Unfortunately, my condo couldn't sell so recently I decided to rent it out at $1800/month. I thought okay..that sucks but maybe after a while I can go to the bank and get a HELOC. I then decided that i needed a job on the books (i've been bartending for the last 4 years) so with my stupid $100,000 degrees in business management and real estate, i'd go and find a job right? Wrong. Can't get ANYTHING. Not even Whole Foods or a bank teller position. I'm screwed.
Basically, i'm depressed and frustrated because nothing has worked out. I can't start my business and be like all you guys who I, in all honesty without sounding lame, really look up to. I want nothing more than to be my own boss and get started.
My question is this...do I move back to Jersey and try to dump the condo at a price way below what its worth just to get the cash to get started? I figure the "time value of money" method would say yes. Or do I go ahead and rent the place, move back and try to get a job, then try to get a HELOC down the road? Please help.
P.S. for those who have seen my posts before, I'm sorry if all I do is ask questions but it has been a VERY bumpy road for me so far - unfortunately my experience in real estate has not been as smooth as some of yours. With that said, i'm sorry but I can really use some help from you vets out there. Thanks.