The "Get Out Of Your Car!" Fund

Sunday, May 10, 2015

I want to own a house - but not pay for it

I was concerned about how living in my car would work in the month of May. The weather is a lot warmer now, but becasue of the really cold winter, this spring has been very mild. So far, sleeping inthe car is very bearable temperature-wise these first two weeks of May.

I went on Craigslist and found rooms for rent. I found a place I'm willing to rent. It rents rooms by the week or month to people who are traveling on business. That sounds perfect for me. The house wasn't upscale at all. It was old, but decent. I didn't call and reserve a room because the weather has still been cool, but I like knowing that they are there as an option.

Maybe I'll call them later this month.

I went to visit a new apartment complex in a community I really like. Studios are $1500 a month! I battled with not feeling jealous about residents who were walking in and out. I kept reminding myself that probably are debt-strapped. this apartment complex sits in a college community - I'm sure it's full of college students letting Sallie Mae pay their rent. That doesn't make me jealous.

Others may be working but readily using credit cards not being off each month. I have no credit card debt. So, I walked away. I would like to go back one day just to tour the apartments and imagine myself in one just for the fun of it.

In the meantime, I decided that I want to buy a house someday and have someone else pay for it. Buy a 4-unit and let someone else pay. Or, buy a rooming house and let the tenants pay for it.

I will invest in real estate differently this time. This time I will have my own debts paid first and have emergency funds for my personal life. I will also have emergency funds for business. I also have friends (2 in particular) that I will call on to mentor me through the first few purchases.

Therefore, I've been looking at potential properties both down South and locally. I'm going to visit a property today, just out of curiosity. I got in touch with a former investor friend who I thought was ignoring me - it turned out it was a miscommunication. (Getting out of debt has made me a bolder person. I'm glad I reconnected that friendship. this is the second time getting out of debt helped me reconnect with friends).

This friend referred me to two lenders and gave me his opinion (a thumbs-up) on my ideas for purchasing a rooming house.

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