I Want To Invest For The First Time, Im Going Crazy Over Here! Please Help.
I have saved up 30K cash and have been reading book after book about all types of real estate investments. the trouble i have is the area that i live in ,San fransisco bay area CA, because the market is insanely inflated. . What i am having trouble with is which type of investment i should go with if i decide to go to another state or outside my immediate area. I have read many replies to posts that warn about rehabbing away from your home town so what should i invest in? I want to rehab or buy a property at a deeply discounted price with the cash that i have but it has to be far from me in order to be in my investment budget. Im going crazy over here, i am 21 years old therefore i have no experience only theoretical knowledge. Someone be a mentor please!!!!!1 i feel like Im wasting away without some sort of investment under my belt!!!!!!!!!!!!!!1
I want to know how you saved up 30K at 21 years old!!! That is impressive.
i work 60 hours a week at 25$ an hour and i dont eat anything but cup of noodles !!!! I got rid of any monthly expenses that i had and saved up 30K in six months
Congrats on your saving ability.. I would recommend two things.
1) eat soup for the next 6 months so you can double your investment pool.
2) I would pick Modesto or Stockton, you can get there in a couple of hours and buy a house.
On your first couple don’t buy ones that need a ton of work. The distressed part of the transaction should be about the seller not the condition of the house.
Now finding the house may be a little difficult but I am sure if you could save 30k you’ll be fine.
You may want to call the investors in the area and see if they have any leftovers that they couldn’t or didn’t want to buy, even doing a little TIC with them might be what you’re needing.
Good luck
[ Edited by Redman1 on Date 02/05/2007 ]
Mkguyverboy! Good job saving all that money!
Two area investing clubs are actually going to discuss investing the the central valley--Stockton among them.
If nothing else, you will make some new contacts!
Okay--the link is coming out weird. So just search for "San Jose, CA and real estate investing club."
[ Edited by mborrego on Date 09/24/2005 ]
Even in your insanely inflated market, sandwich lease options will still be profitable.