Advice on life

1 month ago 40

Hello all so I’m in situation where I’m pretty indecisive on which course of action to take as I’m moving on to the next chapter of life. Just for a little background I’m in my mid 20s and have recently filed chapter 7 bankruptcy in 2024 due to reasons for a fresh start and am now in a really good position making roughly 5-6k per month after taxes. I currently live with a friend where we each pay 1300 rent per month though I’m rarely at home currently maybe 7-8hours a day due to working. With this in mind and the current lease for my place is ending in July I would like to stop renting and put my money towards something for me and or save to invest in my future. Both me and my friend are on this same page and thought of 2 options. As I’ve already started downsizing my belongings to prepare for either or…..

1) being we both live out of our cars for a year and a half while I also build credit which by then with all expenses and possible emergency maintenance added etc we’d have save around 90-95k in total together being able to purchase a property and do as we please whether it’s renting, fixing it up for a flip, living in it, turn into an airb&b or even buying a duplex,making one and renting the other side the possibilities are infinite but the main thing is all those options are viable compared to number

2) where we’d buy a piece of land which in my area which is desert-like and many of which are 10-25k for ranging from 2.5-5acres after doing our due diligence ofcourse making sure there’s nothing hidden such as restrictions that will disable us from living as we please and doing as we want with whichever piece of land we may buy. After buying the land the idea would be to buy fence off the surrounding area after removing any Debri that has accumulated overtime and such. We would then put down a layer of material for a smooth drive way to drive our vehicle alongside buying 2 RV’s to live on the property which in all would be about 25-35k but more so 10-20 since we’d do a loan for the land instead of paying outright and go from there. Whether we end up selling the land for possible profit or build homes on it later down the road is all for debate though I will say one thing whichever option we decide on I find myself excited and willing to do as it’ll bring a new challenge to life.

submitted by /u/New_Basis_1381
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