i’m confused. i understand the whole, it’s your girlfriend’s house, who has your son, and they live there. you bought it from her and it’s the house that your son has lived in…so it’s like an emotional thing.
i don’t see this situation as a investment in the strictest sense. this is a personal situation that involves personal ownership of a home and some personal feelings impacting your decision making.
that is not investing.
i’m curious as to why your girlfriend has sold you her home for that much under value? are the two of you splitting that money? i’m really confused.
the more confusing it gets, the worse the picture becomes. and i don’t mean to be mean, i’m simply stating my opinion, so don’t take offense, but it doesn’t seem like you had/have much of an idea of what you plan to do with this “project”.
lack of planning is the kiss of death. to me, it takes DISCIPLINE, to buy a home, live in it, fix it up and still keep an objective mindset when rehabbing little things here and there. it’s your home…not an investment per se. that’s where the discipline comes in. my uncle is great at this. he buys homes, lives in them for about 3 to 4 years - and he is STRICT with his budget. he lives a certain way, does rehabs slowly and makes them fit exactly into a plan and budget that he works out, long before he buys. he’s methodical. it almost makes me sick - but he knows what he’s doing, cuz after 15 years of doing it, he’s pretty darn close to being a millionaire from it.
throw in a kid, throw in a wife/girlfriend, who doesn’t necessarily fully understand such an investment strategy or lacks the investment mind-set - and you’re building up toward stress and problems.
my uncle is not married. he does exactly what he wants. and loves doing it. but that’s his strategy and it works for him. he would tell you, cuz he tells me, practice discipline with your money and your business, and you’ll be much better off.
good luck man.