Howdy Y'all, I'm a 21 year old college student in Texas. I will be graduating this year and have a job lined up in the petrochemical field, looking between 70-80k starting depending on overtime. I will be graduating virtually debt free, I may owe less than $1000 on a credit card but at this rate it will be paid off in full assuming no unforseen emergencies. I have been living with a roommate through college but he will likely be getting married within the next year or so, therefore that arrangement will be ending. I want to keep housing expenses low so I can invest more. I already have a solid grasp on frugal living, my entire monthly expenses are less than $1200, I just don't make much more than that at the moment so my investments are negligible. With the pay bump coming soon I want to get on top of my financial independence plan. First stop, I plan to build a basic barndominium. Priced the build out with various contractors and will be sub 100k for the full build and finishings plus land. I will finance that and likely live in it for the next 10-15 years and turn it into rental property if I ever move. The problem is, I would like to pay cash for at least 50% of the build, and I would be looking at 6 months to a year for it to be complete during which I will need a place to live. I'm considering putting a 5th wheel camper near the beach (finance cost for camper plus utilities and lot fees will stay sub 500 per month) and living in that until the build is done and either renting the 5th wheel out or trying to sell it and not lose much money after. It would still be cheaper than an apartment in the area and would be ultimately cheaper than moving back home with my parents (doing so would quadruple my commute and blow up my fuel costs). Is there any other options y'all have used for cutting home expense costs that y'all think could work for me? Thoughts on my plans?
January 16, 2017 at 10:47AM
