Short of Cash
My cash supply is dried up from buying a house. I have spent every penny and now I have to build up my savings again. So what do I do? Think of ways to make money of course. Growing Money is about making money! I referred to my Money-Making Idea #5 and posted unnecessary items on ebay and online forums. Below is my status after two weeks. Sales report so far:
- Binoculars: $20
- (3x) Sharper Image Air Purifer Units: $120
- PCMIA Wireless Card: $20
Total: $160
posted by Sean @ 10/06/2005 10:37:00 PM
2 Comments:
No cash + new place = bad.
I hope the big amount of risk you are taking pays off. When even small things go wrong in a house, it costs MAJOR money.
Hopefully this doesn't happen to you, but I've met overzealous people out of college who have gone way in the negative after buying a house.
I knew someone who bought a house right after college, rented it out...and BOOM...broken water heater in attic spills hot water everywhere. Insurance paid a little, but not much. He had to buy a new water heater + installation charges, repaint the water stains and deal with an angry renter. All of this was charged on his credit card as he had no more money.
And while Ebaying stuff is great, liquidating small assets won't always save you from a major home cost.
I've gotta admit, I think you're in a sticky situation. I'm curious to see how you will handle it!
Goodluck!
-Nev
Did the real estate agent give you a time frame when she thought that you would be able to find a renter for the place? How long could your finances hold out if there is no renter for the foreseeable future and thus no income to cover you costs?
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