@Nuck81 said:
@mrbojangles25: invest in a tiny small house. Even if it's a little shit box any money you put in it to fix it up or update is almost guaranteed to get your money back plus at least 50%. Take that money and buy a little bit better shitbox and repeat. eventually you'll have a nice home with plenty of equity and capital.
Once I started investing in real estate and property my net worth skyrocketed.
You have to spend money to make money.
down payments on shitboxes in California are like $150,000. 2 bed, 1 bath...you're looking at 500-700k.
But youre right, and that's something I would love to do. I worked as a carpenter's assistent for a few years, I enjoyed working with my hands, on homes. I'd like to do that on my own. Have a yard to grow herbs and veggies in. Not deal with landlords.
Not to mention extremely competitive, especially in my area. Factor in the fact that outside forces (Chinese, specifically) are buying up places left and right by paying straight cash for places, it's pretty disheartening. You'll have honest folks work hard, put a big in on a house, then someone comes and outbids them by 30k with cash and just takes that house up.
I'm saving my money for it, don't get me wrong. But I'm also 33, and mortgages usually last for decades. I Don't want to be paying my house off when I'm 80. I might just ask my parents for the money, I'm definitely not taking a loan out for something I don't technically need.
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