Updated over 4 years ago on . Most recent reply
Considering First Purchase
Trying to find the best way to finance my first deal. Ideally, I would ideally like to use the brrrr strategy in Washington state. I'm 19, I have 30k worth of stocks that I would prefer not to sell in order to finance a deal. I make around $600 a month working part-time.
I recently found a plot of land in the town I live on sale for 100k. The surrounding houses are worth 700k - 1mil+ and I expect them to continue to appreciate in value. Although I feel that the land is priced well and in a good location it still comes with problems.
Firstly the land has no utilities and the tie-in for utilities is farther away than usual. Along with this, the road leading to the property has not yet been built. Lastly, since there is no house built yet I will not be able to collect rental income from this property for a while so this is mainly an appreciation play until I build a house there (or put in a temporary building/airstream).
Please share any additional comments or questions, I'd appreciate all feedback!