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OfflineThisIsDoggy
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Registered: 05/10/13
Posts: 69
Last seen: 7 years, 3 months
Purchasing property early/mid 20s
    #19048025 - 10/28/13 07:04 PM (10 years, 3 months ago)

To start off, I'm a highschool dropout. I have plans on going back and getting myself into college for business but theoretically lets say that doesnt happen and Ill be working the same job I have right now as a career. Lets say Ive accepted the fact that making money via work itself wont be enough of an income and if I start saving now and bank ~50k by 25 I can put a down payment on a piece of property on a waterfront. How would I start off by doing this?

As of now I gross 23k and net 20k at 20 years old saving ~1000 a month. Now within these 5 years, I of course expect raises so by 25 lets say I gross 32k and net around 28-29k being able to bank 1300/1400 a month around the age of 23. Would it be a wise move to save up and purchase property and sit on it and sometime down the road sell it and purchase more property? I have absolutely no experience in this department which is why Im looking for advice anywhere I can find it. I figure if I cant make enough of an income just by working alone, then I can invest in something at a young age and get income/assets off of that and expand.

Make sense, is it logical?


Right now Im only $600 in debt with a phone company which is peanuts, Ive heard (and read stories here) of people being 6 digits in debt because of school loans alone.


Edited by ThisIsDoggy (10/28/13 07:08 PM)


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OfflinePDU
travel kid vs.amerika
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Registered: 12/03/02
Posts: 10,675
Loc: beautiful BC
Last seen: 8 years, 5 months
Re: Purchasing property early/mid 20s [Re: ThisIsDoggy]
    #19048337 - 10/28/13 07:44 PM (10 years, 3 months ago)

Pay of debt, and then start investing.

I am far from an authority, but in this situation where you are relatively unstable/uncertain of the future a property seems like too much of a liability.

You could be safer investing, possibly index investing. Silver would also be a good investment if your willing to sit on it for a bit.

Others will chime in here with more insight than I can offer. Goodluck - good on you for starting early.

I feel like I am ahead of the curve of my peer group in this respect, and I am 28. FYI.


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OfflineYuri.Pono
MAD SCIENTIST
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Registered: 10/28/13
Posts: 279
Loc: SO HIGH O Flag
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Re: Purchasing property early/mid 20s [Re: PDU]
    #19048920 - 10/28/13 09:12 PM (10 years, 3 months ago)

I agree pay off your debt. If you serious then look around and take your time searching for that perfect fixer up if you have no wife or kids. Then dump your funds into that and get put down a good down payment. Fix it up over the time and only put into it what you will get out. make sure it is in a decent area. then once you are satisfied on the job you done and wanting a better place it wont be hard to sell and gain capital on the estate and get a better place. hope this makes since as i have troubles with the english.


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Edited by Yuri.Pono (10/28/13 09:14 PM)


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Offlinezappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 8 months
Re: Purchasing property early/mid 20s [Re: ThisIsDoggy]
    #19065255 - 10/31/13 06:49 PM (10 years, 3 months ago)

Quote:

ThisIsDoggy said:
To start off, I'm a highschool dropout. I have plans on going back and getting myself into college for business but theoretically lets say that doesnt happen and Ill be working the same job I have right now as a career. Lets say Ive accepted the fact that making money via work itself wont be enough of an income and if I start saving now and bank ~50k by 25 I can put a down payment on a piece of property on a waterfront. How would I start off by doing this?

As of now I gross 23k and net 20k at 20 years old saving ~1000 a month. Now within these 5 years, I of course expect raises so by 25 lets say I gross 32k and net around 28-29k being able to bank 1300/1400 a month around the age of 23. Would it be a wise move to save up and purchase property and sit on it and sometime down the road sell it and purchase more property? I have absolutely no experience in this department which is why Im looking for advice anywhere I can find it. I figure if I cant make enough of an income just by working alone, then I can invest in something at a young age and get income/assets off of that and expand.

Make sense, is it logical?


Right now Im only $600 in debt with a phone company which is peanuts, Ive heard (and read stories here) of people being 6 digits in debt because of school loans alone.



Real estate is an excellent income investment


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OfflineTerillius
Renaissance Man
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Registered: 07/21/06
Posts: 1,301
Loc: Flag
Last seen: 3 years, 1 month
Re: Purchasing property early/mid 20s [Re: ThisIsDoggy]
    #19102835 - 11/07/13 08:46 PM (10 years, 3 months ago)

Human capital is your best investment, in this case, education.

With 4 years and 15K in tuition, you'll double your salary easy.


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OfflineGroovy Grant
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Registered: 07/31/00
Posts: 6,635
Loc: TX Flag
Last seen: 1 month, 9 days
Re: Purchasing property early/mid 20s [Re: ThisIsDoggy]
    #19116079 - 11/10/13 05:25 PM (10 years, 3 months ago)

How are you netting 87.5% of your gross pay (28K/32K)? I don't have any state taxes where I live and I'm netting 78% of my pay (and that is bound to get much lower after I receive bonuses at year end). FICA alone is 7.65%. Also, your taxes tend to go UP when you earn more (you stated you presented netted $20K on $23k of income, or you are netting 86.95% - 7.65% of this is FICA and the other 5.7% is fed taxes I assume).

Expect to pay more taxes in the future, which will lower your expected net.

Look into something small, like a condo where you can easily convert it to a rental, rather than trying to flip a house. I think the market for rentals is strong and will continue to get stronger. Worst case scenario is you live in the condo, and then rent it out at a later time. When you do end up doing this, you can leverage the equity and cashflow from the rental to qualify for a home for you to live in.


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