Hello everyone my name is Max, I am a 21 year old newbie that has been involved in real estate for a little while. I'm finally at the stage of a steady job providing me with a good income and I am looking to start with my first property within the next few months. Just last summer I visited my buddy's lake house in a small town in Illinois. I happened to notice the area is beautiful with lots of potential. As a first investment I was looking at some one bedroom single family vacation houses. There is a lot of properties that need some work but are in a 30-50k range. The question is: is a lake house a good idea for an investment. I am looking to rehab a house and potentially rent it out for summers and weekends. I know this is a broad question but I'm just looking for some guidance. Thank you I appreciate all answers.
I recommend you start here:
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Sounds like too much for a new investor. Vacation rentals take more market knowledge. Shorter lease periods mean high turnover. Plus they need work to get going and are only 1 beds. Plus are in a small town. Also it sounds like they aren't nearby you. All of those factors make the plan quite difficult and complex. I would look for something simpler. Especially starting out.
Thank you for your input. Greatly appreciated
Hey Max, Way to get an early start! I was 21 when I bought my first investment property and now have my own real estate investment business, with over a 1,500,000 rental portfolio that brings in gross receipts of $17,465.00 a month. Which begs the question why do I feel like I'm still broke??!! Haha, The truth is I'm not broke at all. I am just continually re-investing cash into acquiring new real estate holdings. So, whenever I do have cash it doesn't last long! Anyway, I'm telling you all of this stiff for two reasons. 1) To encourage you to move forward with some kind of real estate investment to get started on a path to building wealth.
2) I'm pretty sure I could give you some good advice when it comes to your first investment... I'm not sure I would do what you're considering after you hear how I got my start, and what I would have done differently. Feel free to hit me up on Facebook or give me a call. (I'm also in Illinois)
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