New to the board and financial planning!

[Meadbh]

I was bouncing off you the idea of buying a condo, renting it in order to get the revenue from it until I get a job.

You may or may not be interested in my opinion, depending on whether you agree or disagree with it. I offer it as someone who owns several rental condos. I think in your situation it is a really bad idea. I believe you should park the proceeds of your house sale (which appear to be your only financial assets) in safe, liquid investments, reduce expenses to the minimum, and find a job as soon as possible. I am sorry if the truth is unpalatable. I wish you the best of luck.

 

[ShortInSeattle]

You may or may not be interested in my opinion, depending on whether you agree or disagree with it. I offer it as someone who owns several rental condos. I think in your situation it is a really bad idea. I believe you should park the proceeds of your house sale (which appear to be your only financial assets) in safe, liquid investments, reduce expenses to the minimum, and find a job as soon as possible. I am sorry if the truth is unpalatable. I wish you the best of luck.

This is very good advice in my opinion. You are in a kind of financial emergency. No job. Relying on family for help. It's time to circle the wagons and make yourself as safe as you can be. Live as cheaply as you can so the money holds out, investigate social services, and keep job hunting.

I don't see how buying real estate is a solution to your challenges.

SIS

 

[sheehs1]

Agree Meadbh and SIS but am not sure the OP is here anymore. That, "thanks all" sort of sounded like "adios".

 

[FinanceDude]

I don't think she was in the wrong forum, but maybe wanted people to give her different advice

 

[Papa bear]

It's been three years and you haven't been able to even pick up a temporary or contract job? What industry were you in?

 

[Jerome50]

It's been three years and you haven't been able to even pick up a temporary or contract job? What industry were you in?

Consider investing in yourself. Get some training/education for more marketable skills. Obamacare means no pre-existing conditions, premiums capped to your income level, and you MUST buy HI.

 

[DeborahB]

Hi and welcome

In your situation, I'd leave the money alone so you can live on it and focus on finding a job. This way you have something to live on. If you buy, there will always be maintenance, insurance and tax expenses. LBYM is really good. Just say no... sometimes easier said than done. And "Obamacare" a/k/a the affordable care act will get you insurance in January 2014 if I remember correctly. So that should help quite a bit on the medical bills.

I had several longish periods of not being able to find a job and I know how difficult it is. Good luck.

 

[growing_older]

At one time you had a 100K job. Now you are long term unemployed and it's highly unlikely you are getting another job like that having been out of work for so long.

Your immediate problem is lack of income. You've run through savings and are down to your last 265k aside from the condos which are apparently entailed in some complicated way that makes them useless as a resource. This means this money is your last safety net. Just as someone facing job loss would pile up cash in anticipation of needing to meet expenses without income, you must conserve this cash. It not enough to live on any income it produces. You need to live off the cash itself. If it were me, I'd invest in nothing more risky than some CDs.

With the cash in the bank buying time, the immediate issue is getting an income. We don't know your industry experience or skills, but if you've been looking hard (you have) it's safe to say that search hasn't worked. You can still try that occasionally, but you need to start chasing other ideas. Related industry. Other skills or hobbies you could pursue. Lower paying jobs, certainly, but also lower levels of responsibility where you can be big fish in a small pond and advance once you are employed. Find a friend (or several) who can critique your resume and job search ideas and enlist help. Get your foot in the door and work up if you have to.

The most important thing you need to do is stop being long term unemployed and get a job, almost any job, as soon as possible.