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Which is the right step?


Malevolent
Tired Of Being Broke? Lose your Pov...
Tired Of Being Broke? Lose your Poverty Programming

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I recently came into enough money to pay off all of my debt (thank God). My credit is near perfect and all of my money is my own. I currently have a positive cashflow (from earned income) of about $800 a month. I've gone to college long enough to realize I don't want to go anymore. I don't have any degrees (though I have plenty of certifications and registrations) because I've switched majors so many times. It's not that I'm a bad student. I have a 4.0 GPA. I just can never settle on what I really want to do with my life, and after 7 years of school beyond highschool I've finally come to the realization that I might never find a career well suited for me. I'm a jack of all trades, master of none.

 

To get to the point, now that I have near perfect credit and money to spend, I was wondering which would be the wisest way to go. I want to buy a small business, but I hear that getting a loan is near impossible. I don't have any assests to put against a loan, which I imagine would make it even harder. I'm curious if anyone has ever tried it and can give me some advice, let me know if I should give up on that idea for now until I have some assests, or point me in the right direction.

 

I've also been thinking about getting into real estate instead. Right now I'm either thinking of getting into foreclosures of buying duplexes or 4 plexes. I think I know that the answer lies in not over extending my resources.

 

I desperatly want to get out of the rat race of working for someone else, but I also know that I'm young and sometimes these things need to be done in smaller steps. Any ideas, advice, or opinions would be greatly appreciated.

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I hear right now is a good time to buy a house if you can, but you need to save up some cash first. Another thing is don't buy a house in a crap neighborhood. If you fix one up it has to be the ugliest house on the NICEST part of town or what not. Not the ugliest house on the worst side of town. If you are going to rent something, make sure it is in a desirable neighborhood in which people would be looking for housing.

 

I think a small business or franchise is way too much to take on when you finally have your credit good and stable.

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I think the first step is to talk to your local small business association and get some facts.

 

As for real estate, it sounds like you're thinking of investment grade real estate. There are some databases available through libraries which you can research to get a good picture of the market, properties which are deemed good investments, zoning info, and so on. Investment real estate is a lot of work and unexpected expenses - if you do that, be prepared to hire a management company.

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