All Forum Posts by: Timothy Giffin

@Iva Kadagidze

I would also encourage you to read other stories of BRRRRs, good and bad, and make a solid plan for how much money you will need upfront for down payment, closing, repairs, loan payments, and then more because it’s....always....more. Then come up with a good strategy for leasing, or selling, and then a backup plan for that.

@Iva Kadagidze

Growing your net worth and investing in your future is the best thing you could do. I don’t know your situation, but I’m assuming since your a teenager you probably don’t have a lot of money at the moment, correct me if I’m wrong, with that being said I would recommend the following:

Save up as much money as you can right now. Don’t put it in a savings account, but find a good money market account that gives good interest. With the FED lowering the interest rate it won’t be as nice as it use to be, but better than a savings account at a bank. Or you could also go for CDs. Just so your putting it away and it’s still growing alittle. During this time keep looking at your market so you can get a grasp of the area and what it’s doing.

The link below is one of many resources. You can google more, but you will need to do extensive research.

https://fred.stlouisfed.org/series/PHXRNSA

@Sai T.

Unfortunately with these things it’s so hard to predict what’s going to happen. In my opinion that is supported by nothing except what I read, I would imagine not much will change for the next 6 months, but I would expect a lot more inventory and lower home prices in the next 12-18 months. Due to unemployment bonuses going away in July, and people who can’t recover from their delinquencies, that may lead to a spike in foreclosures.

@Iva Kadagidze

Your way ahead of the curve! Good job!

So I know this is "REI" territory but get a Roth IRA set up and contribute a small portion of your income to it each month. You won't be rich anytime soon. But compound interest is an amazing thing.

What are you planning on doing? Flipping? Buy and hold? BRRRR?