All Forum Posts by: Tiffany Perry

@Isaac Pyle

I would recommend that you not borrow money from your parents since you don’t have a steady job. Waiting tables is not steady money. If you get sick, break an arm, etc you can’t work and you get no income. In order to own a home, you need money for repairs in case something breaks, which it will. Do you have money in reserves for repairs? It sounds like you don’t. Don’t be in a rush to buy a home. Save up your money and then when you graduate and get a job you’ll have the steady money to save for emergencies.

Investment Info:

Single-family residence buy & hold investment in Detroit.

Purchase price: $169,000
Cash invested: $10,000
Sale price: $220,000

I purchased the house to live in it and after 2 years relocated out of state. I leased it for 7 years to build equity and get cashflow.

@Ned Carey

Thank you. These tips are so helpful.

@Christian Johnson

Don't be discouraged. REI requires patience and success doesn't happen overnight. Since you're looking to move into a new house, you could try house hacking to get started. Also, I would focus on paying down your cc and car debt first before jumping in and investing into a separate rental property or flip. If you pay down the debt the. You'll have extra income for expenses and any emergencies that arise. Good luck.

@Patrick Menefee

Thank you for your post. Your question generated a lot of good information.