June 15, 2008
I have run into a small hitch in my attempt to buy a piece of property for improvement; I can’t get a mortgage. My tax returns for 2007 show a low income because I spent a great part of the year working on my own house prior to selling it in September. The only thing I can get is a no document loan, which requires 20-25% down. I have about $25,000. Which would qualify me for $80-100,000. There is nothing listed in the area for that little. There are a handful of small, rundown properties in out of the way locations for not much more than that.
I need to make a decision about where to invest the money I have before it is twittered away on living expenses. I figure that housing is my best bet; houses are what I know and what I do. I could try the stock market but I know little about the stock market, I might also try to think of another business idea, I do have experience and knowledge of small business although I don’t have any immediate good ideas for one. If I decide to stay in housing, I need to look carefully at the small places that are for sale and be prepared to act on something. This money must be invested and it must be invested soon.