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Updated almost 8 years ago,
First time investor, need advice!
My name is Cory Snyder, I am 20 years old and currently live in New Cumberland, Pennsylvania. I work full time at red lobster making 11.50 per hour. I recently got a part time job at FedEx making 13.50 a hour which I start on Tuesday to help fund my investments. From my calculations, I will be bringing in roughly 2,400$ per month. I don't have that high of a cost of living as I still live at home and my father pays my car insurance. I pay my car payments though which are 365 per month. I know that's high and I regret getting the car that I did, I had just turned 18 and got approved for a dodge charger RT so I jumped into it without thinking really. I've been working on paying it down to a point where I can trade it in, break even, and finance a mid 2000s Honda Civic to save on monthly payments and gas. What I need advice on is how much I should save up to begin investing and how exactly I do it? I found this site while reading articles. From what Ive read the smartest thing to do would be purchase a "live in flip" where I would purchase a home for cheap, do upgrade and fix it up, then sell it for a profit. Then from there purchasing a multi family home such as a duplex and renting out the other half. I've also read about how some people will purchase a home fore around 100,000$ pay it down to where they can refinance and collect the equity on the home, keeping their payments the same by doing that, and buying another home to rent. Can anyone give me any advice on how to go about this or have any suggestions for different routes to take? Thank you!!