24 yo , real estate purchase

[Tomcruise]

If you were me.......................................and you were looking to buy a 250k condo/fixerupper with 50k down.
Playing the interweb poker full time (2/4nl-5/10nl + donkament)...at the time of purchase how much money is the right amount to have????

Want to put down 20%?!
Have money set aside so I don't have to stress the mortgage payments/other costs?
Have money to play poker?

Net worth needed at time of purchase?

[Henry17]

I wouldn't do it for many reasons that probably don't apply to you but for me to consider doing it I'd want at least $65-75k in cash available on top of the $50k downpayment.

[Tomcruise]

[ QUOTE ]
I wouldn't do it for many reasons that probably don't apply to you but for me to consider doing it I'd want at least $65-75k in cash available on top of the $50k downpayment.

[/ QUOTE ]

Curious why you wouldn't do it? What the reasons are that prob. dont apply to me? Thnx

[James282]

I suspect his reasons are he wouldn't want to make an investment that is almost certainly going to be bad in the current market, which judging by the nature of your original post, doesn't apply to you. Making money flipping is insanely difficult in any market if you are new to it, trying to flip in this market is essentially trying to guess at a bottom.

James

[RikaKazak]

are you playing to fix up and live in it? or fix up to sell and make a profit?

depending on how you answer it'll change my recomendation a TON!

[RikaKazak]

[ QUOTE ]
I suspect his reasons are he wouldn't want to make an investment that is almost certainly going to be bad in the current market, which judging by the nature of your original post, doesn't apply to you. Making money flipping is insanely difficult in any market if you are new to it, trying to flip in this market is essentially trying to guess at a bottom.

James

[/ QUOTE ]

flipping = tough...I totally agree

I TOTALLY disagree about your liberal use of the term "market".

There are tons of "markets" that are rising, and are awesome spots to fix and flip. (I'm in an awesome market myself right now)

[RikaKazak]

[ QUOTE ]
trying to flip in this market is essentially trying to guess at a bottom.


[/ QUOTE ]

this is the poker equvalient to = winning at online poker is basically impossible because you can't see their face and read their tells (that's seriously how silly your comment sounds in the "real estate world")

[jaydub]

[ QUOTE ]
[ QUOTE ]
I suspect his reasons are he wouldn't want to make an investment that is almost certainly going to be bad in the current market, which judging by the nature of your original post, doesn't apply to you. Making money flipping is insanely difficult in any market if you are new to it, trying to flip in this market is essentially trying to guess at a bottom.

James

[/ QUOTE ]

flipping = tough...I totally agree

I TOTALLY disagree about your liberal use of the term "market".

There are tons of "markets" that are rising, and are awesome spots to fix and flip. (I'm in an awesome market myself right now)

[/ QUOTE ]

Which market is that? Edit: for clarity, the market in which you find your awesome deals of course.

J

[Tomcruise]

Plan on living there.....maybe even renting a room out...live there for at least a year.....this is 30-40min north of boston....prices have fallen a lot in the past year and looks like a solid time to a buyer inthe next 6months

[raptor517]

[ QUOTE ]
Plan on living there.....maybe even renting a room out...live there for at least a year.....this is 30-40min north of boston....prices have fallen a lot in the past year and looks like a solid time to a buyer inthe next 6months

[/ QUOTE ]

if u are planning on buying it and living in it at least a year, and renting a room out, you should DEFINITELY do it. like, go fill out paperwork tomorrow.