* buy a new car - I have an old toyota that is about 14 yrs young, but it still runs good. 215K miles, and needs some repairs (oil leaks, gasket crack)
* start a business - I'm not going to quit my day job, but I'm going to try to develop my business so that i don't have to work as an engineer anymore. I prefer to do marketing =) I really don't like my job, but I want to be there for a year at least so that I can count it as a good reference (fortune 500 co.)
* buy a house for rental income. - I cant afford to buy a house in california, so I'm looking at the houston market where my family is moving. I can easily afford new houses there, I thought about getting a town house. $200-$700 monthly income after expenses possible
* apply to grad school - I have a BS degree in engineering, but my real love is marketing, so I want to get my MBA. I thought that if i had enough rental property I could supplement my expenses while I'm in school.
*** So in the next years what steps in what order?
2007-03-25 13:14:48 · 9 answers · asked by MM 5 in Business & Finance ➔ Other - Business & Finance
lol@renate -- you sound really bitter. I knew about the tax situation in tx already but thank you. If you calculate the tax into how much you are renting for it shouldnt be a big deal. Sounds like you didnt do that! But even with taxes houston makes more sense than anywhere in california.
2007-03-25 13:49:55 · update #1
I'm questioning the MBA thing though -- a lot of what I read points to people not really getting far with an MBA. I don't want it for a career. I want to be a business owner.
2007-03-25 13:51:07 · update #2
Sounds like you need some reliable transportation. 215K miles is a lot even for a Toyota.
The payback on a rental takes quite some time, not to mention the maintenance required and tennant problems.
Starting a new business takes complete dedication and also a number of years to start making a profit.
If you don't have your own house, that would be where I would put my money. If you could get a roommate or 2 to help with the mortgage, you could be building up equity while working and take a few grad classes
If at all possible, try to hand onto as much of the $12K as possible. Invest it and let it grow.
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2007-03-25 13:33:47 · answer #1 · answered by SWH 6 · 1⤊ 1⤋
1) Graduate school. Since you are so enthusiastic about getting your MBA, this is probably the best thing to do first. You can probably supplement income by working part-time in marketing.
2) Start a business. Once you know what you want to do, it might be fun to go into business. By this time, it will be easier to know where to settle down.
3) A new car is a real necessity by this time.
4) Check into buying a house for rental income - or, perhaps, to flip if the market is still hot.
Regards,
Bistro
2007-03-25 13:27:30 · answer #2 · answered by Bistro 2 · 1⤊ 1⤋
Forget the Houston housing market. I have a rental house there and I am selling it. The taxes are way too high in Houston and the real estate people do not fully inform you of them. I am selling my house because the taxes have gone up to $7,000 a year; and it is not much of a house. By the way with $12,000 and no income you surely cannot expect to purchase a home. People are defaulting on loans right and left in Houston because they cannot afford the taxes and they bought into these cheap adjustable mortgages that they cannot now afford.
Owning rental property is another word for Hell.
2007-03-25 13:21:00 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Buy the real estate. If the market in Houston is as bad as Renate says it is, then look for a repossession or a bargain that you can rent out or share with someone who pays rent. You might be able to find a duplex. Look for resales because it's hard to determine whether a new house is fairly priced, and your real profit in owning rental houses is from the appreciation, not from the monthly rents.
2007-03-25 14:44:34 · answer #4 · answered by Isaac Laquedem 4 · 1⤊ 1⤋
I do understand you want to do MBA but do you have enough money to pay for college and will you be able to handle full time job and part time college if so then go for MBA. It will give u great advantage.
If I were you I will either work full time and go college part time or work full time and buy property for rental
You can buy the house for investment but make sure its a good property and do a good research on it see how much can you collecty on rental
Don't spent money on car right now.
2007-03-25 13:24:22 · answer #5 · answered by Anonymous · 1⤊ 0⤋
He's no longer an achiever within the longer structure of the sport. He's a well as a T20 participant, no longer well in ODI's and I do not how lengthy he will need to wait earlier than getting a hazard in scan cricket. It's relatively disturbing while any one says he is the following Sachin Tendulkar. Come on, he comes nowhere close him. Many gamers have performed higher matters in top quality cricket, however didn't do sufficient in scan cricket. Best instance, Ajay Sharma. Rohit might come well in long term, however hype surrounding him is not sensible.
2016-09-05 15:59:14 · answer #6 · answered by ? 4 · 0⤊ 0⤋
A Y/A member already gave you an insight of the Houston market. Keep on researching all your goals so that you may know the pros and cons of each.
Once you have more information, you may eliminate or expand some of these goals and be able to determine which will give you greater profit or satisfaction. Hope this also helps you to determine order of priorities.
2007-03-25 13:25:38 · answer #7 · answered by Anonymous · 1⤊ 1⤋
apply to grad school
buy a house for rental income
buy a new car
start a business
take a shower
2007-03-25 13:23:49 · answer #8 · answered by Spam 3 · 0⤊ 2⤋
Do the MBA first. Then you should have enough money to dake care of the rest.
2007-03-25 13:24:36 · answer #9 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋