Home Buying in West Allis>Question Details

Wisconsin Ba…, Home Buyer in Milwaukee County, WI

im 19 years old. is that to young to start investing in real estate property? i have found a few propertys on fannie mae want to put 5% to 10% down

Asked by Wisconsin Badger, Milwaukee County, WI Thu Sep 15, 2011

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Please contact me. You can still get a duplex for only 3.5% down and way less PMI if you have an accepted offer by the end of March. After that you will pay more in PMI. New regulations. It's a fact. I would love to have a chance to explain to you.
0 votes Thank Flag Link Tue Mar 12, 2013
Good for you. I would be happy to assist you with any financing questions. Thank you
0 votes Thank Flag Link Sun Feb 10, 2013
Congratulations on a great start to a wonderful life of real estate investing. Great time to buy!
0 votes Thank Flag Link Thu Sep 15, 2011
As others have said, you are never too young. I bought my first home was I was 20 years old. I actually grew up in West Allis and I am very familiar with the area. I specialize with first-time home buyers and I also work with several lenders that do as well. If you haven't already chosen an agent, I would love to help you. If you care to email me, I can let you know the next step and also help you avoid some the pitfalls that often plague the first-time home buyer.

Take care
0 votes Thank Flag Link Thu Sep 15, 2011
Don all your points are spot on here. Entry and exit strategies are very important. The only way to figure this out is to know what your overall goals are. In this case it may be difficult or impossible to determine what that is until you get in the game. So your advice to just do it is so true. I am glad that you find higher value in agent that have "put their money where their mouth is" I own/owned several properties and can definitely give advice based on experience. The idea of talking with several agents is so important. At the end of the day you need to be able to work with someone you not only trust but can relate to and count on for the long road ahead.

Troy Chowanec, GRI, ABR
RE/MAX Realty 100
email: troy@chowanec.com
0 votes Thank Flag Link Thu Sep 15, 2011
No, you're not too young. I know an investor/coach who has a specific program designed for teens. (He's in the Northern Virginia area, so some of his help wouldn't be applicable to you. I'm not promoting him, but just pointing out that you're certainly not too young.)

There's a lot of possible advice to give. At this point, I'd suggest really carefully interviewing a number of agents who claim to be good in working with investors. Some are; many aren't. And ask each: "How many investment properties do you own?" It's one thing to give advice to pick up a commission; it's another to put your money where your mouth is.

One other vital piece of advice: Know what your long-term and exit strategy is. In today's market, you might buy for cash flow. Or long (very long) term appreciation. Or--though I wouldn't advise it in your case--buying low, fixing up, and quickly reselling for a profit. But know what your goal is. That will affect the properties you look at and purchase. (Example: Some of the best cash-flowing properties aren't likely to appreciate much.)

But go out there and do it.

Hope that helps.
0 votes Thank Flag Link Thu Sep 15, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I see that there are two Troys who responded to your question. If you were replying to me by all means please feel free to email or call anytime!....troymiller@totalrealty.com

Troy Miller
Total Realty LLC
414-333-3723
troymiller@totalrealty.com
0 votes Thank Flag Link Thu Sep 15, 2011
Troy,

I will be busy all week, i will not be avaible for a phone call. is it possible that i can email you?
0 votes Thank Flag Link Thu Sep 15, 2011
Investor-
You are not too young to start investing in Real Estate. As mentioned earlier working with a good lender is the first place to start. Finding properties is relatively easy. Getting the financing proves to be more tricky. Having your financing in place will certainly make the purchase process easier. Once you have that piece in place looking for properties can be overwhelming. Make sure you work with an Realtor that understands investment property.....An agent that owns or has owned investment property will typically be able to guide you through the pitfalls of owning investment property than one who hasn't. It's also important to find someone that can run a financial analysis for you, so you can look at how the property will perform over time as an investment. If you have any questions feel free to call and "pick my brain" if like.

Troy Chowanec, GRI, ABR
RE/MAX Realty 100
414-525-4083
0 votes Thank Flag Link Thu Sep 15, 2011
thanks guys. and paul i will contact you
0 votes Thank Flag Link Thu Sep 15, 2011
I only wish I was still 19 with the opportunity to take advantage of this market- especially las vegas-
I am a Fannie Mae direct listing broker. You are looking at homepath.com? Let me help you thru the process. I also have the list of Fannie properties that are not on the market yet- this is the best list to have.
Contact me
Web Reference: http://Mayteamlv.com
0 votes Thank Flag Link Thu Sep 15, 2011
Its definitely not too young to invest! Especially in the market we are in now...prices are low, rates are low, selection is high!

Have you been to a lender yet to get pre-approved? No matter which properties you want to pursue unless you are a cash buyer you will need a pre-approval.

Please let me know if I can be of assistance with your real estate endeavors!

Troy Miller
Total Realty LLC
414-333-3723
troymiller@totalrealty.com
0 votes Thank Flag Link Thu Sep 15, 2011
You need to have sufficient income stream. As well as a credit, at 19 you might not have any credit. FHA financing will let you put down 3.5%. You should first consult a mortgage broker, to see if you can get a loan, then start evaluationg with your best move would be. Its never too early!
0 votes Thank Flag Link Thu Sep 15, 2011
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