Here’s the deal:
I want to eventually get into owning rentals, but I don’t make much $$$, so it may not be realistic.
I own a mobile home on land, worth about $80K.
Should I sell, & use that $$$ as a large downpayment on a home, or scrape together what will be a small downpayment, and rent this place out, applying the rent money to my new morgage?
I could probably get around $800+ rent.
I will not have much of a downpayment if I do this (probably $10K), and I want to get a very small, and/or serious fixer, so it will be as cheap as possible.
I’m not doing this so I can have a nice big house or whatever, just to try to get into property that will appreciate faster than a mobile home, plus like I said, get into rentals eventually, one at a time.
thanks!

I live in Canada and I think the economy here is well. Now I am planning on buying and flipping a house for the first time. Would it be better to buy a house or condo? Also if I pay downpayment on a house/condo that is still under construction, and then decide to withdraw from the transaction, are there any risks involved? When the house/condo is complete and the value has gone up or down, will I always get all my money (downpayment) back if I decide to sell? And in terms of returns, what is the median percentage I could expect to make flipping the house/condo in let’s say a year?

o I think I didnt add enough detail before. So here it goes: I just got a call from someone I know that decided to invest in a bunch of foreclosures with a bunch of friends (so he says). He has various listings. Anyhow, here is the thing. he called and said they are selling the properties and would put down the 20% downpayment PLUS he would give me an extra 20K? What do you think is the catch? He says he is just trying to sell the properties as fast as they can since they are making payments on them every month. heehee… it woud be funny if he saw this on ASK. Sorry buddy! Just trying to figure you out. I know theres gotta be a catch. What kinds of questions should I ask him? I am really looking for someone who can offer real advice and give me a few good questions I should be asking him and myself and what to look out for.

“As a student you can start by creating a budget & sticking to it. Plan out any money for bills, gas, entertainment & savings.

When it comes to grocery, we use to spend a lot of money in cans, and prepared food. You can buy the food not prepared, and make it your own, so it will be less expensive.
Let me give you some examples.The precooked vegetables, you will find that buying the vegetables raw, and you cook them, you will be able to buy more vegetables, in a less price.
Don’t buy so many cans, you can cook your own.
You can eat more vegetables and fruits, than meat, and ham, and sausage, it will be cheaper and healthier.

Of course, try not to take fast food, prepare your meals at home better.
Other ways to save money are to watch your spending habits. Do you always buy lunch? If so, bring it from home. It’s cheaper. Do you go to the movies every week? Cut down by having movie nights at a friend’s house. Renting movies costs a lot less than buying a ticket. Or, take advantage of cheaper times. There are lots of things you can do to cut down on spending.
You can even buy something cheap for snacks.

It is important to save money nowadays. Its To prepare for difficult times, like sickness, or unemployment. Also to invest, to have income from investments, and income for retirement.
It is neccessary to save to have a downpayment to get a loan for a house, and to have the money to take a vacation, and to pay children’s education expenses.”
And 10 points for best answer