I’m new here so I first would like to apologize for any mistakes that I may make. This is my first post. Anyway, I’m a single mom in the Tampa Florida area. I’m currently days away from finalizing my divorce. In return from my divorce, I will be receiving my portion of the equity from the home that my husband and I had. Now, from that equity, I must pay off my auto loan as that’s one of the agreements for our divorce. That’s fine because I pay $500.00 per month for that loan. With the remaining money that’s left I do plan to payoff as much debt as possible. CC, student loans, etc.
Anyway, I will have some cash left over after doing so and I know that I will have to wait for my credit score to reflect my payoffs which in return will raise my FICO.
Once everything is said and done I would like to begin my process to becoming financially free. I would like to do that with realestate.
I currently share an apartment with my sister and once all debts are paid I shouldn’t have but maybe $600.00 per month in bills versus $1500.00 per month. So, the savings will be dramatic as per a monthly basis.
The question that I’m trying to ask without getting too drawn out is how do I do it? Where do I start? What should I get my FICO score to? (Right now, it’s really really bad, but changing for the better)
Also, if I purchase investment realestate, would it be wise to stay in my apartment since my monthly expenses are so low and purchase my own home for me to live in at a later date?
I have so many questions for all of you and I know someone has answers because they themselves have been in my particular situation. I hope you guys can help. I want to do this and have wanted this for a long time and here’s my chance. I refuse to let myself accept anything other than success. I have the can do attitude but need guidance on where to place it.
Any ideas you guys can throw at me would be greatly appreciated.
Thank you for your :help