Best advice for investing in real estate for 23 yo male?
Hi,
I am a 23 year old male, just purchased my first condo and I want to buy another! What are my best options to invest in another property. I am pretty handy, I wouldn’t mind purchasing a fixer-upper, repairing it and selling it, or holding onto a rental property and selling it after 2 years? I haven’t found much in the way of forums/websites online. I am looking for a website or advice similar to what I would find on bogleheads forum for investing in stocks.
I am a good saver, and I expect that I can save ~15,000 a year, I have only 5,000 in cash available right now…does anyone have any experience in these matters? Gone through it yourself or know of a good resource to do some research! I am open to all types of ideas, loans, second deed mortgage, etc…
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June 16th, 2010 at 9:03 am
$5,000 does not go very far as a down-payment when buying a piece of real estate, especially if you then need more cash to renovate. There are many books and courses you can take, but most of their ideas are theoretical and simply don’t work 90% of the time. I would consult one or several real estate agent(s) in the area you are interested in and have them look for a property that can be bought for little cash down by assuming (or taking subject to) the existing loan.