Re: investment advice for teen
I think being young is an advantage in a way. If you are young you probably dont have kids. That means you dont have to shop school zones. You can buy your next house based on which property will yeild you the most equity. That means that you can buy a house, move into it no matter the neighborhood. Fix it up and move on. I think the key to investing is that you dont take money out of the bank to a riskier form of investing unless you are "making money by buying it." Getting a home under market value, moving into it, then upgrading it. Holding it for a year or so, then selling it for another fixer. People with a family cant do that. You cant just uproot your kids.
I agree with RyanRE. Most younger people dont have the income to qualify for a primary residence AND an investment property. ( debt to income issues)
The problem I see with young people is that they get so enamoured with that "New builder Home" and the lifestyle properties. They buy for lifestyle and they are foregoing a great opportunity to build up weath in real estate.
Just as you can build a handsome stock market portfolio by starting young. If you make the right moves in real estate at a young age-- you could do 2 -3 trade ups before you are 35.
I like real estate classes. I have taken many of them. If you can get a few concepts you can use-- then go ahead and incorporate the ones that make sense. Find a more experienced investor in your area and "make friends". Older investors LOVE to share thier experience with newer investors. It would be great to find one that knows your market.
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