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Updated about 8 years ago on . Most recent reply
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Want to know if my plan is good or I need to change some things.
Hello, I'm 21 years old want to start investing in real state in about 2 years, but want to start learning about what I really need to know so I don't make many mistake in the process. I have being told that having a 20% down payment is a great idea. So if I want to buy a house of around $100,000 and want to put a 20% down payment that will be a loan of $80,000 I need from a bank or a private loaner. + $20,000 to $30,000 on fixing that's I will do. Most of the items will be fix by me and friends and family. I work as a electrical work everything that i need for that's. Have friends and family that can do carpet, painting, etc. and I know think hey will will no text charge me a lot of the work. But because I will put the house to rent I will ask around $1,600 per month giving me a cash flox of $250 per month. I also know that I'm need some money for closing and few month of payment in case I can't rent the house for few month. So I Will save about 6 month of mortgage. So my question is do I'm in a good path or I'm wrong. If you would be in my shoes what will you change or do diferent?