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Am I being over the top?

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Am I being over the top?

Postby zacb » April 8th, 2013, 2:05 am

Ok, so I tend to obsess about things, but I have been trying to talk real estate with my mom, asking her opinion, trying things on for size, mentioning properties I would like to get, etc. . But now she is saying I am being grandiose because I am telling her I would like to get a part time job to buy a place to rent, and also for pointing out good markets, like Colombia. Am I being grandiose? I am in college right now, don't have a job (looking for one so I could get a certain place I am eying, and applying for one I think I have a decent shot at), and I am working on kindle titles. Am I being grandiose, or does my mom not have vision? I have a few thousand in assets, diversified in a few things, along with producing books on Amazon.
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Postby zacb » April 8th, 2013, 2:09 am

I should also point out this is how I am with stocks, and how I learned about them. I like to learn about assets and unlock value, but to my mom, I am being grandiose. But when I discuss stocks, she says I am not, although I do the same thing with stocks.
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Postby Cornfed » April 8th, 2013, 2:12 am

You are being grandiose. You need a demonstrable steady income over time surplus to your needs and possibly someone with money to act as a guarantor on your mortgage before you can seriously contemplate buying a rental these days.
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Postby zacb » April 8th, 2013, 2:16 am

assuming I could save up a third down, before I dipped my toe in. I should have stated that.
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Postby Cornfed » April 8th, 2013, 2:27 am

zacb wrote:assuming I could save up a third down, before I dipped my toe in. I should have stated that.

It may take you years to do that. If you are talking about what you are going to do in five years time, then fine, that might work out if the world doesn't collapse in the meantime. In general, rentals require unpleasant low-return management and you only profit on sale, so you would want to be cautious and be in it in one particular place for the long haul.
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Postby zacb » April 8th, 2013, 2:34 am

I figure I could do 6k, and buy it for 18k, assuming there is no problems, it is near a decent sized college, a fishing area, and within a mile or less of downtown. It has two levels, one 1 bedroom upstairs, and a three bedroom downstairs. And the upstairs could probably pay for the downstairs. If not, and assuming I could lock in at a low rate, that could pay for it, even if the lower half is not used.
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