Anonymous wrote:Hi OP. I know that you want to make money. Trust me, I do. But there is no "hidden path to real estate riches". If there were, everybody would know about it.
You sound too young to remember this, but I recall in 2005ish, condos were going up like crazy. You could buy on spec, into a unit, in a building that wasn't built yet, for only like a $13k down payment. You would have a contract for a unit for like $400k but need to put just a small amount down and then ideally a year or so later when the building was built you would have a condo on your hands worth $500k or more because of the way the market was appreciating. Seriously people were buying into condos based on site design renderings....ground hadn't even been broken yet.
I bring this up as an example because "normal people" like you got into this. People who didn't even own a home to live in were buying their first home, on spec, because they too thought it was a "non traditional" way of taking advantage of the real estate market. Yes, plenty of people made money. But plenty of people lost a shit ton of money too. Because "non traditional" real estate ventures are not designed for the average person like you or me. They are designed for investors with more money and more knowledge than you or I have. And these investors--they have a home already to live in.
Based on your posts, I could imagine 10 years ago you getting into some silly get rich quick scheme like buying a condo on spec. And then losing your money.
Slow down. Find yourself a home to live in. Enjoy living there. Don't jump ahead to your real estate investment side job before you have even experienced home ownership.
|
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}