Re: Am I Too Young?

Posted by jpuleo on January 14, 2006 at 21:58:25 from (71.28.39.48):

In Reply to: Am I Too Young? posted by in-too-deep on January 14, 2006 at 20:04:48:

Great ambition. I am 31 and just did what you want to do. YOU ARE TOO YOUNG!
I have worked as a realtor, property manager, contractor and flipped houses. So I know alot about what your talking about.

Most areas dont require a owner occupant to have licensed people do the work. In most places as long as the owner does the work, its legal. (some areas may vary)

You dont have enough credit to get a decent loan rate. Not the end of the world, but reason alone to wait on buying your families future home.

Debt is something you want to avoid at your age. Its the trap your peers will get buried by and never attain wealth. AVOID IT ON EVERTHING BUT YOUR HOUSE! Except a credit cart to establish credit.

Dream big, but within reason and build your way there. I looked at a small old farm house near me for 38k on 1 acre last week. It had holes in the floor, and needed lots of work. If you can buy something like that, go for it. You will have a place of your own, energy to fix it, and it will be a stepping stone. If you bought that house and fixed it up, in a year or two you will be able to sell it and have made a cool 30K! Build your way up doing it like this and by 25 you will have well over one hunderd thousand in the bank.

To do this you will need excelent credit and cash. So start small so you dont get run over if something goes bad.

Lesson 1
I would be a Millionare if I hadnt fuc^^%d up my credit at your age. When I was 21 I Wanted to buy a bunch of Multi family houses in a up and coming area near where I grew up. My cred was bad and I couldnt get financed. Had I been able to buy those 3 or 4 places in 1997 I could have sold them for 1.3 mill in todays market. All I needed was good credit and about 30k. I was lucky and did get my grandmother to sign a short term loan on one place. Sold it at 23 and made 50k. I re-invested that money and borrowed another 50k (from family because of bad credit) To buy a fixer upper. That project made me another 30k. By the time I was 26 I had 80k in the bank. Prices got so high up north that my family couldnt help anymore. So that more or less ended my flipping. It did allow me to buy my first family house cash at 30 years old. Its an old farmhouse that was gutted. If I wanted to sell it today, I could get 60k more than I have into it. (not bad for 4 months work).

lesson 2
Re-read lesson 1 Im doing ok, but see why you need to make smart choices now!! Dont over extend yourself!

Dont get tied down with having to provide or look after others for a few years.

You have a great Idea, Just take a slower...smarter road there. If you make good choices you can be semi retired buy 30 like me.

Here is the real secret...I owned 2 houses and had money in the bank when I met my wife. Because I had my sh&t together more than most 25 year olds I got myself a beautiful wife who also makes nice money. I bought her a house, so now I get to work when I feel like it or need some extra money!!!HA

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