Why is it opportunities come up at the most inconvenient times? Maybe I am being taught patience or maybe I should just dive right in?
I have found so many great opportunities to invest, but I never have the money. Now I have found one, but the money was going to be used for something else. You see, I was going to “borrow” from our joint account to launch my book. I was going to repay it, just like a loan, but with interest, as we would have been earning interest on it if I left it alone.
Here’s the thing... This week we saw a house (yes, another, I like real estate!) It’s fire damaged and would need a fair bit of work, but we could get it so cheap. I am sorely tempted. It would take all our savings for the stamp duty, legal fees etc... BUT once done would be a positively geared property or we could sell it for twice what it would cost us.
Its roof needs fixing, but we have a friend who is a roofer.
The fire originated in the kitchen, but we have a spare kitchen. That probably sounds unusual and is a really long story, but it’s got stainless steel appliances and everything.
We have a great plumber who does cheap work for us, plus one of our tenants in another property down the road from this one is an electrician, so we could strike a deal with him (it has been offered before)
Then it is just a matter of painting, doors, removal of rubbish etc... The bathroom looks completely fine.
The auction is on Saturday. What really shocked us though is my husband was rostered on to work Saturday, and took it as annual leave a few weeks ago for a family thing. That family thing got cancelled the day I found this house. My husband RARELY gets days off, and since the property is actually 3 hours away from us, we would have to drive up to see it and bid. Amazingly we are both free to do it this Saturday, which for us is almost unheard of. (Both being free at the same time)
Now, I would have to live up there with our 2 daughters and organise it all. It would be my project. My husband would come up to help with a few things, but essentially I’d own it and do it all and have to pay the loan back.
I cannot decide if it is an opportunity or just a temptation stalling my book.
What would you do?