Investing contained by topography?
Im 17 now, but i own somewhat of an investment plan for the future. I plan on taking out 5-10,000 dollar loan, buying a few fully clad lots of land, and renting them out to whoever requests to put a trailer or house on it. I plan on renting them out for a high satisfactory per month price that can cover what i will owe the bank. Then once im done paying bad the bank, merely let the money roll contained by that im making off the environment and invest it in other properties. But i be just wondering if i could even filch out a loan that big when i'm 18? I need an experienced party to give me for a moment guidance on this...
Answers: You might have to adjust your plan rather. First of all not a soul is going to lend any money to you until you can prove you can pay it hindmost and that usually requires a stable job and a honest credit standing, especially on investment property. So, you might have to dally a little longer after you turn 18 unless you can get hold of someone to cosign the loan on your behalf. As far as the property you choose, you might run into trouble getting the proper zoning. You county planning and zoning department zones adjectives the land contained by the county as to what it can be used for and just because it is futile doesn't mean you can roll a trailer on it and live within. Then there is the issue of getting renters ... and obviously paying taxes ...
I admire your entrepreneurial spirit but I suggest you address to a local Realtor about your plan that know your market (area).
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Answers: You might have to adjust your plan rather. First of all not a soul is going to lend any money to you until you can prove you can pay it hindmost and that usually requires a stable job and a honest credit standing, especially on investment property. So, you might have to dally a little longer after you turn 18 unless you can get hold of someone to cosign the loan on your behalf. As far as the property you choose, you might run into trouble getting the proper zoning. You county planning and zoning department zones adjectives the land contained by the county as to what it can be used for and just because it is futile doesn't mean you can roll a trailer on it and live within. Then there is the issue of getting renters ... and obviously paying taxes ...
I admire your entrepreneurial spirit but I suggest you address to a local Realtor about your plan that know your market (area).