Help with tough decision, please!

[moneytree]

Hello everyone,

Thank you Mj for creating a great website first of all. Interesting reading your story, hope all is well.

I first came to this website 2 years ago, with a mindset of getting rich as quick and soon as possible. However after many poorly unorganized startups, and MLM business ideas, I finally hit the real world of construction.

This is a note to the younger crowd 18-23, you really have to work if you want to get rich. Before you can own 100 trucks, you have to drive one yourself first. There are no magical ways of getting rich, you really have to put in the work, save money, and learn to invest in smaller business/stocks/ or real estate and over time you get rich. A realistic goal is 5-10 years in my opinion unless you already posses a skillset to making money such as incredible sales skills or computer engineering skills. If your in the real world, you need to focus and improve your communication and persuasion skills no matter what business your in. Go to the gym, work out and look presentable, a good first impression will go a far way.

Im now 23 and waking up at 5 in the morning is a regular routine for me, after my first year in construction I started making good money. Now I make $80,000-100,000 a year as a self contractor. I live at home and have zero expenses, well insurance and phone bill about $350 a month so I make around 6,000$ net profit a month now.

However I need to trade a good 60 hours of my life per week for that amount of money and lower back pain spasms haha. I'll now get to the point.

I can remodel homes, ( my dad is also a tradesman, he makes sure everything is done properly). I can renovate basements, refurbish kitchens, washrooms, patios, balcony terraces, hardwood, tiles, I can do all this myself without having to pay anyone for their services. Materials is my only cost.

My current savings is $5,000 ( due to partying and paying of all debts visa, car,) with a $10,000 available visa account current balance is 0. And a 25,000 unsecured line on credit.

I have $5,000 liquid cash in bank and $35,000 available credit.

Now I roughly make around $2,000 per week. And what I'm thinking is this. I buy a house and rent it out for a year, after the year I should have about $50,000 in cash and $35,000 available credit, I can then use that money to remodel the home and sell it for a profit.

Or buy a home renovate it a bit, finish basement, and rent out the top for $1,200-1,500 and basement for $800-1,000. Now what happens if I want to get a second mortgage so say I own the first house but it's rented out, so I'm still saving money by not paying rent and at the end of next year I should have about $50,000 in cash. Can I then use that money for a down payment and remodel another house, can I leverage money out of the first home to support the remodeling fees to the second home?

This is just now on my mind, can I perhaps find a property with 4-8 rooms and charge $600-800 per room with a split kitchen but every room will have it's own washroom.

Really need to make the first real estate deal a successful one, thank you all for reading and if you have advice pleas feel free to help.

Cheers, all the best!

 

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[moneytree]

Katv gus dmesovz, O xuamf uxp upi juati jewi ov sipvif uav. Xovj $50,000 op tewopht ati ov et e fuxp qeznipv up e tidupf juni epf miwisehi nupiz uav ug vji gostv nusvhehi vu duwis vji sinufimoph giit.

Epf O niepv vu tez dep O caomf e juati/tnemm caomfoph epf caomf ov xovj 4/8 suunt xovj opfowofaem xetjsuunt cav e tjesif lovdjip epf mowoph suun, epf djeshi ecuav $600-800.