Have money but no job desperate need advice

[Jean Nye]

hello,  I will try and keep this short and to the point. My husband was forced to take an early retirement at age 58. He has cancer in his spine that 6 months ago caused him to be pAralyzed from hips down. So then I quit my good job to have access of my pension savings to pay for his treatments that ins wouldn't cover.  I'm 61 so not old enough to get social security.  I'm his caregiver so can't work outside the house but am looking into a job remotely. I was in IT work before.  My husband use to have a contractors license and we both looked forward to flipping a few houses because we like the satisfaction of before and after.  Financial advisors say keep money liquid and we think realestate investment.  We don't have A lot of savings left. $150,000.  And his monthly pension isn't much. We sold our home 2 yrs ago and bought house for daughters to live in in Mesa Arizona for a future investment before we knew he was sick.  We love reading all the success stories on Bigger Pockets and wish we could be creative enough too to at least not become homeless.  Any advice?  What would you do in our shoes?  Thanks for taking the time to read this :)

[Anthony Gayden]

Originally posted by @Jean Nye:

hello,  I will try and keep this short and to the point. My husband was forced to take an early retirement at age 58. He has cancer in his spine that 6 months ago caused him to be pAralyzed from hips down. So then I quit my good job to have access of my pension savings to pay for his treatments that ins wouldn't cover.  I'm 61 so not old enough to get social security.  I'm his caregiver so can't work outside the house but am looking into a job remotely. I was in IT work before.  My husband use to have a contractors license and we both looked forward to flipping a few houses because we like the satisfaction of before and after.  Financial advisors say keep money liquid and we think realestate investment.  We don't have A lot of savings left. $150,000.  And his monthly pension isn't much. We sold our home 2 yrs ago and bought house for daughters to live in in Mesa Arizona for a future investment before we knew he was sick.  We love reading all the success stories on Bigger Pockets and wish we could be creative enough too to at least not become homeless.  Any advice?  What would you do in our shoes?  Thanks for taking the time to read this :)

I have a couple of quick questions. You say you bought a house for your daughters to live in Mesa? Do you still own the home? Did you buy the house cash or are you currently making mortgage payments on this house? Is the deed in you and your husband's name?  Are your daughters paying you rent? If they are paying rent is it market rate?

I am not going to suggest kicking your daughters to the curb, however I will suggest that you charge them market rate rent. Remind them that you are going through rough financial times.

Also you will be eligible to begin receiving social security when you reach 62 in under a year, that should help a little. 

In terms of real estate investing, I would hate to suggest that you try anything too risky at this point, you have too much to lose. If anything, I would look at trying to find part-time employment, perhaps as a RE agent.