Hello,
Im new to the forums and have read a lot of articals.
I am 17 years old and im in my 1st year of college in NJ. On my 18th birthday in about 3 months I will inherit $95k. Most kids my age are telling m to buy a $30k plus car with that money but I want to invest it. I want to get into investment realestate and I need some help from the gurus about what to do. Heres my goals and my situation
Im located In NJ, So i need property in that area
I’m inheriting $94k and am willing to invest all of it in real estate
I will have no credit as I would have just turned 18
I would like to be making Well into the six figure range per year within 3 years
I want real estate to be my career, my only Job
I would like to make at least $1k Per month within the next year.
Be worth (net worth) $1million with in 5-7 years
I would like to know if these goals are attainable and what would be my best route to attain them. I am very motivated. Thanks in advance
Not a bad place to be in… Definatly have the right mind set. The first thing you need to do is to build credit. But that is going to take some time. Also, bank financing without any regual income will be harder. Do you have somone that could co-sign, like a parent. If not, it seems Contract for deed is going to be your best option. The good news is, you are in the right market time for it. Because homes are slow to sell, and sellers are more willing to do financing. What type of investing do you want to do?
My mom has perfect credit and MAY cosign. I cant decide what kind of investing i wanted to do, thats why i came to you guys for advise, what would be the best financial investment for my situation?
I do want long term for big gains, But i also dont want a “JOB” so i need someway to make a “check” every month if thats possible…
thanks
btw. An aquaintance of mine who makes a lot of money investing, said “if you cant turn $100k cash into $135k in 6 months your doing something wrong”
I don’t know what kind of investing your friend does, but I am assuming its not the buy and hold strategy, because you simply don’t get your returns that quickly.
We simply can not tell you what direction you should take. Not because we don’t all have our opinions of what is best, but because we don’t know you, your stregths, your weaknesses, or your market.
Each investor has to decide what is best for him/her. If your not sure, inquire about different strategies, and try to find what fits you. Then take a look at your market and see how and if you can fit that strategy into your market.
JPopkin,
I read your post and think that you are definitely on the right track.
It’ll take a little time, but with a little elbow grease, you can get there.
Funny thing is, by putting off the new car as suggested by your friends, you will probably be able to more easily afford it by taking cash out of your investments down the road from principal gained… and still keep your investment activity consistent.
A $1000/mo return is after debt service very attainable, especially with the amount of principal that you looking to bring to the table.
Wish that I had specific advice for you; it sounds like I should be getting it more from you… ;D