Looking for outsiders perspective on current situation

[Andrew V.]

I bought a small residential house at a great price 3 years ago with the intent to fix it up a bit and resell it for my first investment. I did take advantage of the first year homebuyer program and after 3 years as my primary residence, I don't have to pay the first time homebuyer refund back. I'm currently still working the bathroom, then the kitchen, then landscape and update doors and trim around the house. I owe about $66,000 on the mortgage, and I have a heloc of $22,000 against it to fix it up which I plan on using all of. Houses in the area are selling for around $125,000 - $150,000. I imagine mine would sell for the $140,000 mark or so, and it sits on a big corner lot. It's hard for me to find the time with my current job because I work so many hours as a car salesman. I have a family friend who is helping me with the work since I can't be home to do the work hardly ever. I'm trying to do a lot of the work by myself to save money so the work has been kind of dragging on and I have also rung up about $5,000 of expenses on my heloc (dumb on my part I know) which I am working on selling my boat and paying it down.
The real problem is with my current job. Car sales was fun for the first couple of years. I got into sales so I could learn to sell which I figured would help me be a business owner one day. I was planning on being out of this business already when I finished my house and became an avid investor. Anywho, I have recently been really down on my job. I'm doing okay financially but my heart isn't in it auto sales, it's in real estate. I've never really been a car guy anyway, and it's making me pretty unhappy to be here. I don't know how much longer I can stand it here before I just decide to walk out. I've been looking into other jobs but I also do window tinting on the side. I've dwelled on the idea of just going self-employed in a small window tinting business but am worried that would make it difficult when it comes time to sell my house and re-invest in some bigger property especially since I won't have at least 2 years of tax documents for the business. I feel like I need more free time to concentrate on the house and the car business just doesn't give that to me. Not to mention the stress the business puts on a person.
The other option would be to finish a lot of the house and rent it out for about $400-$500 cashflow every month and concentrate on building a window tint business and possibly work at wholesaling real estate as well for 2 years until I can show 2 years tax documents when it will then be easier to purchase more properties.
I'm just putting this out there to see if an outsider looking in can see a clearer picture than what I can. Any input is much appreciated. Thank you very much!

[James H.]

Originally posted by Karen M.:

Andrew V. Sounds to me like you need to learn that when you make a commitment to something, give it all you have, take pride in your work, and finish it! It doesn't matter if it's the house, your job or ? You aren't always going to be doing things that make you feel good. You do what you need to do to get to the next step. If you're a car salesman, be the best car salesman you can be, and learn all you can from that job, you owe it to your boss. Don't do things half heartedly, or you will never make it in real estate or anything else. Prove you have what it takes to stick it out, and finish what you start, and become an expert in whatever you're doing.

Imagine being a lender looking at what you've written here. Would you want to invest in you? Or.. would you think that you have no idea what you want to do, so maybe it's best just wait until he figures it out, otherwise, it's to risky of a loan, because he may get in the middle of the project and walk away!

Not trying to be mean, just an observation.

I don't see your situation this way. You have worked at your job for a few years, and are doing good enough to support yourself and buy a house. Most car salesmen are out the door within 6 months...You work in a very tough business and should be commended for making a success of it for several years despite not even liking it. Car salesmen do have to work ridiculous hours and every Saturday, too. Not sure what more you would "owe your boss" considering you have done well and get paid comission only if you pull your weight. Those dealership managers chew sales people up and spit them out on a regular basis.

I'm not sure a lender would look down there nose at someone with stable work history, willingness to put up with a job they don't really like for several years, trying to make other things work on the side and equity in their property to boot. Actually, a lender couldn't care less whether or not you like your job or not - so long as you evidence that you can keep it - which you have. I don't see where you are trying to walk away in the middle of anything either. From what I see, here is a hard working guy that wants to change and is looking for advice on how to change - not to hear people to tell him to stay at his miserable job longer.

First you just need to be more specific about what you want to do with real estate, how you want it to fit in the grand scheme of things and then work out a plan.