InheritSmart: Property Sustainability & Cash Flow Planner for New Inheritors

Asking help from whoever knows - 19 year old with little knowledge

Sorry about the loss of your grandfather. Mine passed 2 years ago and I miss him all the time. On to your property.... maintaining/owning an "expensive property" without a strong income is VERY hard. It's effectively impossible on what I would expect a 19 year old to earn ($20/hr or less). What will you do when the roof starts leaking and requires $20,000 to replace it? Or when the furnace dies in the middle of the night in winter. You're required by law to replace it immediately. That will cost anywhere from $10,000 to $15,000. Starting to get the picture? Your idea of how to spend on various credit cards is putting the cart before the horse. All that stuff is frankly not important yet. You have much more important things to figure out. The only thing worth saying here is that burying yourself in credit card debt at 19 years old to float a property is a TERRIBLE idea. You have to think about this like a business and a business lives and dies by its cash flow. What you should start with is sharing your: * Current cash savings * what you predict you'll earn IF you get that job, * your current expenses (rent, food, insurance, car, any debt payments, etc) * And some basics about the property: * Monthly mortgage payment (if any) and APR %, * annual taxes and insurance cost, * age of the building and its condition, * number of units, * general location, * Anything else that is relevant to potential near term expenses. What does "expensive property" mean to you? With that information, we can give a slightly better idea of whether this is remotely possible or not. Without that information, everyone is just guessing.

>navy federal has been kind to give a 30,000 limit Woah woah woah. Pump the breaks here. What the hell do you need a $30,000 credit limit for as an unemployed 19 year old? If you aren't able to pay off the complete balance every month on the due-date you shouldn't be using a Credit Card. If you're in any way considering covering the costs of the house with a credit card, stop, you can't afford to maintain the house. Realistically, you probably have to sell the house. Take the proceeds from the sale, put them in some kind of savings or investment, and pretend the money doesn't exist until you're older, employed, and in a position to buy a house.