Advice for a broke, young, wannabe investor?

Youngpada1 · 4 months

Sounds like some great advice, but 15 year fixed rate might be too expensive for me to afford. Most places in the area I'd like are around $100k, give or take a bit. That would be $800+ a month for just the mortgage, which leaves me $200 a month for insurance, taxes, utilities and basic necessities like gas and food. Yikes. Unless I can rent rooms in the house to cover the mortgage...

I have looked at much cheaper places elsewhere ($50-60k) but they are mostly manufactured homes and have been on the market for a while. That would be a high risk investment in my opinion, because I haven't seen much demand for them as I've been watching. Still looking at my options, though!

Youngpada1 · 4 months

Well thank you both, I've been doing some quick reading on this and it sounds right up my alley. I'll be doing some more research!

Youngpada1 · 4 months

Interesting advice, thanks! There are RE clubs in my area and I plan on attending some investor meetings soon. Ive been putting it off because my young age and lack of knowledge (or a solid, clear goal) makes me feel out of place.

Your bird dogging concept is something Id like to learn more about. People have suggested that I find investors to pay for the deal while I live in the house and fix it up for them, only problem is my lack of construction knowledge or experience.

Ill be sure to go to some club meetings

Youngpada1 · 4 months

Not "most" but many. I am feverishly looking for another job, but as much as I hate my job it has great benefits, pays more than any other job that I qualify for and has guaranteed hours. And unfortunately, I cannot keep my job and take classes at the same time. It is not flexible enough for that. I will look at other types of investments.

Youngpada1 · 4 months

Advice noted, but I'm a bit stubborn. 20% may not be possible due to my tiny paychecks (even though, as I understand, you don't need to pay mortgage insurance with 20%+ down). I get that this is all important but I believe I can qualify for a loan because my parents have good credit and they would cosign with me. I make enough to cover the full mortgage if necessary even though it would be tight money. I'm in the process of deciding what schooling to go through but that will also involve heavy amounts of money, and I need to be sure it's worth it before I dive into it.

As for a higher paying job, that won't happen for a long time. I don't make much at all, but I make more money than many of my friends, including the ones who have already gotten some sort of degree. With that all around me, it scares me to think of trading my low paying job for an even lower paying job.

My lack of money is the reason I want to invest, hopefully not the main thing that will hold me back from it.

I'm in CO, btw

EDIT: Just realized I may sound like I'm rejecting your post all together; I'm not. You're giving the advice I asked for.

Youngpada1 · 4 months

Solid advice. I understand that playing landlord and being good friends is tough to manage. Either way you'll end up needing to be one over the other at some point and that's a bad situation no matter which way it goes... Happy cake day my friend

Youngpada1

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