Hello all!
for the past few months I've been thinking about careers and what not, when I came across this forum. I've been working a part time job 20-30 hours per week and have been saving up my money. After doing some reading, I think that real estate is one of the best possible investments, and I would like to purchase property to rent out, become a landlord, etc as soon as possible. Obviously I understand that I must wait until im 18 until I can purchase property. I estimate that I will have somewhere between $5,000 to $15,000 by the time I am 18. I plan on working some sort of sales/construction job for about a year to save some money, or until I have at the very least 30k in the bank. The dilemma that I have reached is that in order to obtain any sort of loan i should be older and working a full time job. Say i was to save up 50k, and I requested to take out 50k in loans. Since my down payment is 50%, would the bank give it to me? Should I look for a private investor? As real estate ownership seems like a great passive income source, I would like to start the moment I can. Thank you!
for the past few months I've been thinking about careers and what not, when I came across this forum. I've been working a part time job 20-30 hours per week and have been saving up my money. After doing some reading, I think that real estate is one of the best possible investments, and I would like to purchase property to rent out, become a landlord, etc as soon as possible. Obviously I understand that I must wait until im 18 until I can purchase property. I estimate that I will have somewhere between $5,000 to $15,000 by the time I am 18. I plan on working some sort of sales/construction job for about a year to save some money, or until I have at the very least 30k in the bank. The dilemma that I have reached is that in order to obtain any sort of loan i should be older and working a full time job. Say i was to save up 50k, and I requested to take out 50k in loans. Since my down payment is 50%, would the bank give it to me? Should I look for a private investor? As real estate ownership seems like a great passive income source, I would like to start the moment I can. Thank you!
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