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Updated over 17 years ago on . Most recent reply

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Profit From Primary Residence - 1st Time Buyer & Investo

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Hi!

First of all, I am so glad to have found this forum. I have been reading real estate investment material for the past 3 years just out of interest in the topic, but have never actually made any deals so far. This seems like a great place to read practical and current real world advice.

Now onto my question... I would really appreciate any guidance you could offer.

I am 21 years old and am currently renting. I have enough cash to purchase a home outright, but would probably prefer to go with the traditional down payment and mortgage.

My current goal is to simply buy a house to live in as my primary residence, increase its value, and sell it in two years (or so) for at least some profit that can be rolled into another house. I am defining profit as money left over after all related expenses over those two years (mortgage, improvements, maintenance, taxes, insurance, heat, electricity, water, fees, etc).

I am not married, have no children, and have no animals. The size/features of the house do not matter so much to me on a personal level, I am more concerned with their resale value.

I live in Michigan, the Metro Detroit area of Macomb/Oakland county and would like to stay in this area.

The main thing holding me back from jumping in and purchasing a house is the fear of losing money. I really have no need to buy a house (and incur all of the extra expenses), just a desire to. And if I am going to do it, I want to make sure it is profitable rather than just a money pit.

Is this task possible? How easy would it be for a beginner like myself to achieve this goal? What should I be looking for? How should I be looking for great deals? How do I know if a house is a great deal and has the potential for enough profit?

Any personal advice and/or pertinent reading material that you could point me to would be great.

Thanks!

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