Hi, I only have one property, a 2 bdr apartment. My situation is quite dim and I would appreciate some understanding and if possible some advice from those with knowledge.
I have been running my own web based business for several years but recently I lost most of my income sources and I had to sign up as unemployed as I could not support myself anymore.
I then tried going to work again, first time for many years when I was sacked when I worked in a young trendy web design company several years ago. I never fitted in as I only knew older technologies and the team were all young guys and I was told I'm too slow and did not know the newer stuff.
So I then decided to work on my own online business, I did well but things changed and now there is very little income.
I'm now also getting a lo older, over 50 and I have no other skills. My computer skills are seen as old hat and I can't complete with all the immigrants and young guys.
I used to be a chef years ago so I decided to have a go at getting a chef job. Well that did not turn out well. I had to compete against young Chinese students who were happy to work for a fraction of the min wage. All they wanted was someone to work super fast and that could fit in with the other Asian kitchen staff. After 2 jobs and trials I was told I was too old and did not fit in.
So now back to the drawing board...
My only hope now is to sell my property. I think I could come out with around 100k if I sold it and paid the mortgage and selling fees.
Of course I do not want to sell my only property but I don't have many other options to make a living. My property is starting to also be positive and I'm slowly paying the mortgage off over the years with lower interest rates etc. It gets great rent and it's in a growing city area.
I'm thinking I could use the money to invest and start up a business I can work in and run. As I had chef experience and I love cooking etc then I think it would be nice to open a restaurant.
yes I have heard all the stories about how hard it is in the restaurant business etc and I will be making a good business plan and doing things carefully.
Going back to the property. I know it would be better to not sell it and use the equity to finance a business but I doubt I could get equity since I have no income to please the banks and that is why I can only think of selling it.
I have training in business management, I have studied for over a year so that should help. I have a fair bit of experience in working in restaurants. I would spend time making a solid business plan and researching.
I do love property investing and I would like to own several properties in the future. I only see this as a temporary solution to get on my feet, get some income coming in and build up my finances then later after 2 years I could buy another property and go from there.
What are your thoughts, what you do if you were in my situation?