Need some Advice as a new investor

[Bryan McElrath]

Hello, My name is Bryan. I’m 17 years old and I’ve recently met a investor who primarily invests in beat up mobile homes and fixes them up to rent them out. He seems like a smart man who is out to help me. He showed me a $40,000 mobile home + the lot today which would give me about $300 monthly cash flow. My question is would a mobile home be the smartest first investment? If so any tips? 

[Patti Robertson]

It is impressive you are getting started at such a young age.  Here are a couple of things to consider.

- Until you are 18, you can't legally sign a contract.  

- Do you have the ability to pay the loan in the months you are without income?  In this segment of investing, your renter will be living paycheck to paycheck, which means there will be times you receive rent late or not at all.  Your loan payment will be do, regardless of whether or not you have income.