Re: Am I Too Young?

Posted by MarkB_MI on January 15, 2006 at 05:42:04 from (64.31.11.76):

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

Deep,

The reason those old properties are in the shape they're in is because most folks don't think it's profitable to fix them up. And they may be right.

Your general idea is good, but I'd focus on buying something that it in reasonably good condition but could use a little work. If you tackle a big project right off the bat, you're likely to get overwhelmed both by the work and expenses. Believe me, any repair you do will take longer and cost more than you think.

You can always sell (or rent out) a house that is in livable condition. If you buy a house that needs big repairs, you're looking at a negative cash flow situation that can wreck your credit for years.

One other note about the apprentice program. This is a great opportunity. However, it can take quite awhile to get into these programs because there's usually a waiting list. While you work your way through the application process, keep busy. Check out programs at your local community college, these are a great way to build your job skills.

Good luck.

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