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Updated over 5 years ago on . Most recent reply

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Ibrahim Toure
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Someone tell me if this is a good plan im new to this :)

Ibrahim Toure
Posted

im currently 18 starting my first year in college I wanna start investing in real estate but Im not to heavy on the money side being that im so young so I made a plan. In my first two years of college I will get a 2 year income and a good credit score to be able to get a loan from the bank then I will look to find a good investment property and have sort of a lease option and look for people who want to buy the house but cant yet then I will advertise it as a rent to own so im trying to have them live in the house but since I own it wait until they are ready to sell it to them have them have options like for example if the mortgage is 1100 5k down payment 1300 rent price a month 3k down payment 1500 rent price a month ect.. that will produce cashflow then when they are ready to buy the house I can help them buy the house at the bank and sell it for a slightly higher price so I make profit?  but thats the part im confused on because im fairly new to this, if I make the price higher to produce profit would I have to completely pay off the house? I understand that the renters are saving up to buy the house but so then wouldn't I have to be finished with all the payments on the house to be able to sell it to someone else? if im letting them rent it and I just bought the house surely I won't have 100k to completely buy the house then sell it to someone else sorry I just need a little help im confused

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