I finally mustered up the courage to write to the guy who showed us the first property that I was very interested in. After much debate, Paul and I decided that it would be a great project, but too much to chew at this time. Besides being on the edge of the good/bad area, and more in the bad area than the good, by the time we got the house up and ready for rental, our market of students would have already had their housing. We could, in theory, carry the mortgage for a year without tenants, but that is not part of the plan. It would have been a fun project, but luckily, there are a ton of great projects out there!
The email to him just said that at this time, the project would be too big for us, but that if he needed an extra hand with the rehabbing, or knew someone who did, to please pass my contact information along. It's funny, it's just an email, but it took some mustering to be able to write that, and actually ask for a chance.
He wrote back quickly, and said that he looked forward to working with us to find a property -- no mention of the request to learn what he does. I feel good that I extended myself like that and am really looking forward to rehabbing.
Looking at the lives we plan to lead over the next 3 years, I have a few ways to go about employment.
1. Get a job and then leave, when we need to travel. I do not like this, and do not consider it an option, but want to get it out of the way because it seems the most easy. Over the summers, we will be traveling for Paul, to either work at a law firm or go wander off to Brazil to find out how judges work over there. In either case, we want to be together over the summers, and I would not feel comfortable taking a job that I knew I would be leaving a few months later.
2. Teaching. Funny, how this is an option. I never thought I would seriously consider it. We are meeting with someone who knows quite a bit about New Haven, over the weekend of the 30th. I will talk with them more about this option then. Summers off! Free to travel, and a nice, secure job to obtain mortgages. Not to mention, helping the community. Win/win.
3. Doing rehabs. This scares me a lot, but it is what I want to do the most -- or with a combo of #2. NH has so many foreclosed homes, and I would love to work in this area.
4. Last resort. Bar tending, temping, etc. Clearly a last resort, but a good reminder that there are always so many options out there.
This weekend we are looking at more properties that make sense on paper. There are 2 that we are really excited about.
Have a great weekend!
1 comment:
Alison made a great point to me while I was worried about financing the next few years, she said "money is a renewable resource." It is refreshing and empowering to know that there are a lot of options available out there, not all of which have to do with the bottom line. A couple of things that might make you feel better:
* You don't need to get a conventional job for us to survive or to buy a place. It might add some comfort and security, but it is not essential.
* Getting a job is as much about learning as it is about financial security. You may also consider:
- Finding and putting together deals for other investors to earn equity or a commission
- Working for the university or the gov, thereby getting a steady income with benefits and qulifying for the Yale Homebuyer Program
- Spending your time putting together another business
* There are many companies that do rehab work in the area, it is worth reaching out to them and seeing if they might be able to match you on your needs:
- Verifiable income
- Learn about real estate, construction, and bettering communities
- Flexibility to take summers off
* There are limitless options
* I love you.
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