eTyler19
New Contributor
Hello everyone.
I have an idea I would like to run by everyone to get some feedback.
My wife (21 yo) and I (23 yo) are in debt about 25K, mostly credit cards. This was before we knew better, and before RK books, and before the Fastlane. We are both motivated to pay this debt off because its hampering our fastlane potential.
After all expense are paid each month we have left over about $1000. We both work two jobs and bring in about $45,000 year.
So paying off our debt would be 25,000 / 1000 = 25 Months
This seems like a really long time, and a lot of opportunities missed.
Here is where I had an idea, Let me know what you think.
There are a couple foreclosures in my area that I have located. The one I am particularly looking at is asking 34,000K bank owned. Its had years of neglect and pretty dirty. Comps all around that area are between 50K - 90K. I would like to purchase the house, offering around 20K, and fix it up to resell this summer. After resell I would plan on using the profit to pay off the bad debt we have in credit cards.
Thanks for your feedback. :thankyousign:
I have an idea I would like to run by everyone to get some feedback.
My wife (21 yo) and I (23 yo) are in debt about 25K, mostly credit cards. This was before we knew better, and before RK books, and before the Fastlane. We are both motivated to pay this debt off because its hampering our fastlane potential.
After all expense are paid each month we have left over about $1000. We both work two jobs and bring in about $45,000 year.
So paying off our debt would be 25,000 / 1000 = 25 Months
This seems like a really long time, and a lot of opportunities missed.
Here is where I had an idea, Let me know what you think.
There are a couple foreclosures in my area that I have located. The one I am particularly looking at is asking 34,000K bank owned. Its had years of neglect and pretty dirty. Comps all around that area are between 50K - 90K. I would like to purchase the house, offering around 20K, and fix it up to resell this summer. After resell I would plan on using the profit to pay off the bad debt we have in credit cards.
Thanks for your feedback. :thankyousign:
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