Im 16(as im sure you guys know, since I tend to bring it up on 1/3 of my posts, lol). Im considering looking for house NOW, for 40-50 cents on the dollar, getting a part time job to pay for it. The thing is, I dont really know if it would be a really good idea to rent since you have to go through all the legal tenant things, and due to my age I really dont want to get into that.
I know my parents would put there name on the house IF I could pay for the morgage on my own.
Now, what I could do is, find a really killer steal on a house(will take some time and looking, i know) get a part time job to buy a house for like 15,000 that is worth 40,000.
Then I could simply put it on the market for 30K, and just see what happens. Doesn’t really matter if I sell it. Due to my age I have no bills or anything other then the morgage payment for the house. I dont even have to pay for my own gas.
Now of course, ill run the numbers through this site to make its a good deal, since you guys know what your talking about.
So in your guys experiences, do you see how this could work?
Now, what I could do is, find a really killer steal on a house(will take some time and looking, i know) get a part time job to buy a house for like 15,000 that is worth 40,000.
I dont want to put weight on your shoulders, but why not wait until you are 18 when you can legally enter a contract, and learn as much as you can from now until then?
When I was 19, I REALLY wanted a handgun. I begged my parents to put it in their name so I could have it. They kept telling me to wait until I turn 21. I got angry and said that it will take forever. Let me tell you, the time between 19 and 21 went by with a snap of a finger…I cant believe how quick it went. I learned a lot about handguns/firearms in the meantime before I could get a handgun, and when I could buy one myself, I was happy because I knew everything about the gun that I bought. I knew how to strip, clean, and lube before I even bought it! Anyways, the moral of the story is…patience is a virtue I guess lol
Its good that you are already thinking about investing. In your post you said you would get a part time job to pay for your morgage, tax insurance etc.
My question is have you already found this job and if so how much will it pay towards these expences?
hoosier, in the beginning i would advise you to wholesale your purchases until you build up enough money to not have to worry about house payments & insurance etc. you should build a buyers list before you even buy a house. then go out & find a house in one of the categories that you know one of your buyers would want. in the meantime a part time job & protecting & building credit is a good idea.
harriet(fl)