Sorry, I’m still in vacation mode as we just got back from Aruba:
What I’d do with the money:
Do a world cruise with my husband. In 3-4 months time we could visit cities on every continent and have money to spare for activities and snacks in several places. One of our marriage goals is to visit every continent at least once early on in our marriage. This would certainly make it a lot easier!
How I’d raise the money:
This goes along the same lines of thinking as the last idea. PROPERTY! I would buy a fixer upper in our area and rehab it cheaply and resell it. The rehab project could be very educational and a lot of fun. One day DH and I hope to buy a home and learn to do some basics with the help of Home Depot and construction friends.
Decorating could be really fun and exciting as well as we love to walk through model homes and watch HGTV. Of course, this would all require a great deal of organization and budgeting to ensure a good profit but as those are my strengths I imagine this would be relatively simple for me!
I have some experience buying low in a market and reselling high. Previously I bought low and sold to professional rehabbers and made nearly this amount of money in each sale. Buying the house takes 2-3 months of looking but right now there are plenty of great deals to be had and buyers are willing to discount the prices due to the economy. If you’re willing to do the rehab work yourself and consider it a project/hobby for several months then I imagine you could still make this amount even in this economy.
In lieu of a downpayment you could negotiate with buyers to continue making their monthly mortgage payments and take it under contract promising to take the mortgage in your own name within a certain time frame (say 1 year) in which time you would secure a buyer. That way you could truly minimize the out of pocket amount needed. If you’re really savvy, you could attend the local real estate meeting in your town and offer to partner with someone who has cash and would fund the project for you splitting the profits with them almost 50%.
Three things I’m thankful for this week:
-Beautiful weather every single day of our vacation this month
-The temperature in our home was not freezing when we returned
-There may be a potential buyer for my recreational equipment. She sounds like a good fit and will hopefully have purchased it from me by the end of the week!