Hi all, I'm 24, single, and make $50K/year before taxes.
I live in Florida and own 3 acres of land that was inherited from my grandfather. I've had it for about a year now and can't bring myself to make a decision on what to do with it.
I love the land, and I'd be happy staying there forever. I spoke to a builder and can build a ~1300 square foot home for around ~$130K - 140K. Of course this would be a 30 year fixed mortgage.
I've also considered building a pole barn with a workshop that basically has a 1 bedroom apartment with ~800 square feet. This would cost ~60K, with much of the finishing being done by me. A loan for this would probably be around $50k at 10-12%.... No clue how long I'd do the loan for.
I have no debt, I own my car outright, and I currently pay $250 a month for the apartment I'm in, but I'd like to live on my land as soon as I can. I have over $15K in savings and index funds, and save $1500 every month. I have no real plans for a family, especially any time in the next 5 years.
I'm in desperate need of some advice. I have no clue what to do or what would be the best decision for me. I'd like to retire early, but I'm not sure which of these options would get me closer to that goal. I'm honestly lost and somewhat terrified at either such commitment. I've even considered building a shed to park an RV under.
Please help! Thank you! Any advice, even not pertaining to the options I've mentioned, would be appreciated.
January 13, 2020 at 07:27PM
