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How do I invest in real estate at 18?
I’m 18 years old, still in high school, and want to invest in real estate. I have a job where I make roughly $240 every two weeks, and $1000 saved. I want to buy a house preferably before April to get the first time home buyer’s government bonus, but more realistically within 12–18 months once I’ve saved up capital. I plan on having roughly $10,000 in my 12–18 month window.
So far all I’ve been doing is reading and researching. I have spoken to a few financial advisors (all of whom suggested mutual funds), gone to local real estate meetings, read several books and am setting up a meeting with an agent to see what advice he has to offer.
I believe that my biggest obstacle is credit. If I want to be approved for a mortgage, I need an established line of credit (or a cosigner), but I’m not sure I can build my score quickly enough. I applied to for a couple of credit cards all of which were turned down, most likely due to the market. Going as basic as possible I applied for a secured credit card but I feel that this will take too long.
Please let me know of any marvelous ideas you have! Thanks!
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