It's being a while since my last time around the ER board, but now I am back in the states after a long 3 months trip in South America. Things have change a lot for me and I need your advice. My last day at work was January 2nd, but my last pay check will be on February 1st. My wife will start working on Monday as a Real Estate agent (commission only) while I keep applying for jobs all over. Financially speaking, our emergency funds will last all throughout 2008.
I've been thinking of ways to make money until I get another contract or find a job with the Federal Government. I like Real Estate and even though the market has suffer a big hit, I believe in my area (Atlanta) is still a good buying and rental market.
There is one condo that I purchased almost a year ago near where I live and back then I paid $142,000. Since my wife is a Real Estate Agent I went to the FMLS and I found only 2 condos for sale at $147,000 and $151,000. During the last 12 months the average price on the condos that sold were in the $145,000 range. There is this condo for sale that is in Foreclosure at a price of: $119,900. All condos in this neighborhood are 2 bedroom, 2bath, fireplace, nice size kitchen, balcony, storage room and total space is around 1200sqft. So I am thinking on making an offer for $100,000 and spend around $5-6k on making some upgrades (bathroom, kitchen and flooring) and get it all done in 2 weeks. Then, we are planning to list the property for $139,999 and if everything goes well I could make around $35,000 of this deal.
Now, as far as financing on today's market they can only finance 90% so I would have to put down 10%. I am planning to use a Bank of America CC that I have and they currently have an offer of 0% for 12 months. If the place does not sell in 2 months, we either lease the place to own, rent the place, or we might even move in since I have my primary residence in the market for rent.
I would like if possible for some of you to shed some light this way.
I've been thinking of ways to make money until I get another contract or find a job with the Federal Government. I like Real Estate and even though the market has suffer a big hit, I believe in my area (Atlanta) is still a good buying and rental market.
There is one condo that I purchased almost a year ago near where I live and back then I paid $142,000. Since my wife is a Real Estate Agent I went to the FMLS and I found only 2 condos for sale at $147,000 and $151,000. During the last 12 months the average price on the condos that sold were in the $145,000 range. There is this condo for sale that is in Foreclosure at a price of: $119,900. All condos in this neighborhood are 2 bedroom, 2bath, fireplace, nice size kitchen, balcony, storage room and total space is around 1200sqft. So I am thinking on making an offer for $100,000 and spend around $5-6k on making some upgrades (bathroom, kitchen and flooring) and get it all done in 2 weeks. Then, we are planning to list the property for $139,999 and if everything goes well I could make around $35,000 of this deal.
Now, as far as financing on today's market they can only finance 90% so I would have to put down 10%. I am planning to use a Bank of America CC that I have and they currently have an offer of 0% for 12 months. If the place does not sell in 2 months, we either lease the place to own, rent the place, or we might even move in since I have my primary residence in the market for rent.
I would like if possible for some of you to shed some light this way.
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