Since I do not have enough room to run my own business. Essentially a manufacturing business.
I will need my own home.
So either get a home in a bad neighborhood where the home is live-able or buy a home in a good neighborhood that is absolutely run down.
When I mean run down, I pretty much have to replace everything. I believe I can haggle down the home price to about $90k.
Although I can't live in this house right away to build my real business, is it worth it?
This in itself is its own business and already going through the costs and extremely expensive with all the tools/materials again and paying that mortgage. Now I will probably have room for the machines, but no money for them...sigh
How do people deal with these high capital businesses without slaving away at the job and living severely below means?
Just found a fella on youtube called Meet Kevin, his advice is not something i've heard before but makes 100% totally obvious sense...
Buy a house that is "cosmetically" run down but the bones are good.
Maybe the kitchen needs to be re-done, the carpets, the pain, the lighting, etc. All relatively cheap stuff you can DIY.
Because the market discounts these homes, they look ugly! No one wants to buy and live in them, but the bones are solid. As long as there are no major structural faults, or big expensive issues then you can quickly fix these things yourself and bump up the valuation in a short time.
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