Advice On Buying VS. Renting with financial factors?
I am a 19 y/o male. I am also a small-medium size business owner. I was renting an apartment with a friend for a year and was an easy 0/month rent. At the end of the lease, I moved back home with my parents until I am able to differentiate between the pro’s and con’s of renting and buying.
My personal budget has mostly fixed expenses and slightly variable expenses, this includes putting 5/month into savings.
I am differentiating between a 1,000 sq ft newer apt which also has a pool and gym at the clubhouse (/mo savings) and a 1,000 sq. ft home which may need a few updating repairs.
The financial advise I need…. if I rent, after savings and expenses each month I will have about 0 left over in checking… If I buy first, I will have about 0 left over each month in the checking. These are mostly worst case scenarios with expenses estimated higher.
I am considering renting for a year or two so I don’t have the financial stress of "what if" so much and to gain a cushion in my checking account, and to feel a bit more security and not living paycheck to paycheck.
Another factor, if I buy (0,000 house on an acre) I plan to stay there about 3 years and move up to about a 0k-5k house as my salary increases, so there are closing costs to factor in for only 2-3 years.
My con of renting is, can’t make changes, can’t add a garage and rent it out to my business (tax deduction, greater personal income, and all business equipment is easily accessible, and kept out of weather)
I am looking for investor and "playing it smart" advice….. THANKS
My minimum gross is ,000 a month, then possible bonuses at quarter/end of the year. I included 0/month in my expenses for child support. 50/50 chance, crappy situation. Again planning for worst case scenarios
Expense Budget - - Monthly, High estimates
0 grocery
Electricity
Water
5 Clothes, Hygiene, Entertainment
5 Savings
0 Possible child support
0 Vacationing
I have no personal debt, as a business owner, all business activity falls back on my SSN which is both bad and good. I have k on bus. debt showing on my credit with a k credit limit. I have been prequalified for 2,000 with a equal or greater co-signer
note: when I mentioned differentiating between renting and buying I meant I am ready to have my own place 100% whether apt or house. Thanks for all advice so far, seems very helpful
I monitor my credit regularly. It is currently at 791.
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Looking to go thru Swift's CDL Training Academy, probably the one in TN..What to expect?
Does each student get their own room or do u gotta share a room and or beds with other students?
I
f you went thru this academy before, is there any good diners, restaurants within walking distance from the motel? Is there a Wal-Mart or K-Mart, Target etc in walking distance?
Does the motel provide like any free breakfast or anything each day or do we all chip in to buy food?
I heard from a friend I can no longer contact cuz I lost his phone number who recently went thru Swift in their academy right outside Memphis, ( Millington, TN ) I believe it’s called..He told me once u ride with ur mentor/trainer now that u do not have to stay with ur mentor for the required weeks anymore before being assigned your own truck, but now u have to just get a certain amount of miles under your belt before u can get ur own truck?
Also he told me u cant run anything electronic in ur truck unless there is a factory hook up for power for say like a TV, and if u wanna power anything else u gotta use the cigarette lighter plugs to power things and that u are NOT allowed to use any kind of power converter ( I have a 100 watt once, enough to charge a cell phone and run my laptop..) Is it true you cannot use any sort of power inverter ? So I am told u sort of can but when u go into a terminal or get service down on ur truck u MUST somehow hide it…If they find it they are allowed to take it away from you..(This is what my old friend told me)
ANY MORE Details about works for, training for, swifts equipment, if I cant get along with my mentor while I am on the road can I request another one?
Can I request to go with a mentor that uses a company owned truck rather then someone who is trying to lease purchase a truck?
Can I request to have a female as a mentor (if one is available) or is this now allowed?
And like I said about any info on what I just asked or more then I didn’t ask is very greatly helpful…oh and if any of ya’ll know whether they reopened the Richmond,VA Swift Academy, please let me know…(It’s closer to me then Millington, TN)…
Thank you all very much and I hope you ALL the BEST of Luck in whatever carrer/job it is you all do..
And appreciate every since answer you guys give me that helps me, cause with more info, I am 1 step closer to being where I wanna be…
P.S. Last I am told, ALL SWIFT TRUCKS going only 62.5MPH and have 9 speed tranny mostly, is this true?
Has anyone heard rumors or facts about Swift maybe turning up the trucks? Or must you be in a Lease Purchase agreement in order to do this? Do they only have 9 speed trucks or 10 also, and are they bringing in or does anyone here have a Swift company tractor with a Auto Shift transmission?
Thanx
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How can a student get a loan to start a small espresso cart operation?
I’m currently 21 years old, a full time sophomore in a community college and planning on attending a state university in fall of 2011 as a junior. My guess is that I have around 2.5 years of school ahead of me until I get my bachelor in some liberal arts major. Currently, I’m undecided in what I will major in, but right now I’m just getting general studies out of the way. I imagine that I will end up majoring into either Philosophy or Psychology, or something withing writing. None of the majors I am interested are likely to get me hired in a high paying position or a sustainable one.
I’m currently working ~30 hours a week in a coffee shop. I’m really tired of working for people (I have been working in food service for around five years now.) I really want to get out working minimum wage- .00/hour being a slave to customers and business owners. I’d like to start making my own money, and considering I do have the intelligence and expertise within coffee, I figure that I could create my own income.
Small espresso stands seem like a very affordable, low risk, high profit yielding operation. If I bought used equipment (with plenty of research) I think I could buy the entire stand for ~8,000 dollars (don’t quote me, I’ve just begun researching.) I’ve maintained and operated espresso machines, I know local roasters from previous jobs who could give me a deal (one guy lets his customers use his coffee grinders/pots for free as long as you buy his beans.) My step dad has his own solar electric equipment and he could try to rig up some panels to make it an efficient cart.
So… I feel like I have plenty of ideas on how I could potentially put it together. Place the cart by big sporting events, festivals, holiday events, etc etc. I live by a very large university so it wouldn’t be difficult to find events.
My limitations would be as follows:
I have a small car that I would not be able to transport the cart in. I would have to buy/lease a truck or trailer to move the equipment and I’m not sure how I could move it easily without help.
I have hardly any money saved. I may be able to pull together ,000 of my own money, but I doubt much more than that.
I have no real credit established. I have ,500 of credit debt but no student loans. I could pay off all the credit this spring if needed.
Questions:
Would it be possible to get a private loan to start the operation? Or could I get a student loan and use the money to buy all the equipment with plans to pay it all back?
I could work another job part time if needed while I get everything going to have some source of income.
If I can’t get a loan I could possibly loan some money from my parents (~4,000 max), but I’m not sure if that is even feasible.
Any suggestions would be helpful. I really feel like I could profit off of doing this. I know the bizz, I’m an excellent barista, and I’m motivated to work for myself.
Thanks!
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