Buying a house at age 18

[Grenwall]

Say I just turned 18 and I had about $50,000 in hand and wanted to purchase a fixer upper house. How could I go about this? Buy the house, grow in it, fix it up with profits, then sell it for a higher value once completed, rinse and complete?

NOTE: The question is not CAN I get $50k

 

[CaretakerDad]

Dear Young Pup, you have made 93 posts in the 17 days since you joined RIU. To say you need to learn how to walk before you run is a major understatement. Grow a couple of plants a couple of times before you make all these pie in the sky plans. Every grower has a learning curve and you can't learn without doing, you are wasting both your and our time with this escalating and somewhat disingenuous line of thought you have about growing. Here is your first post made on 11/11 stating you are a total noob to growing, how much money have you made from your grows in the last 17 days since you bought your grow tents with the Amazon gift cards?

Need help with grow room setup and other ?s

I am a complete noob when it comes to growing, I barely decided to go with growing yesterday when I had nothing else to do with the amazon gift cards I got as a gift. So FAR I have purchased a grow tent, and a light system. I don't know what else I will need besides the obvious air flow, nutrients, water, etc. Maybe if someone could suggest other things I NEED to grow that would be efficient with my current items I purchased?

Grow tent- http://www.amazon.com/Lighthouse-Hyd...donations09-20

Light System- http://www.amazon.com/iPower-GLSETX4...donations09-20


My reasons for purchasing the two. I bought the 4 x 2 x 6 tent as I thought it would be a decent size to start in as well as expand once I get experience. I don't want to have to buy things and upgrade all the time and have junk laying around that I don't use. I bought the light system as I read a couple good reviews on other forums (not amazon reviews), and I just wanted something simple, cheap, and had everything I would need so I don't have to buy everything separate.

Budget: $1000 (give or take)

My questions
1. What else do I NEED so I can start to grow? (not obvious things I can get from a home depot like pots and soil, etc)

2. Is 400w enough for the tent I bought?

3. What are the chances of a FIRE? (lol, I will start in my empty basement, but will move this tent to my room once I feel it is safe enough)

4. Do I need a water system? Or would watering the plants myself work?

5. What are some suggested items a starter should have?



* I know alot of people are going to say I shouldn't have jumped right into buying a tent and light system but have done some research so I make the best choices. My response is that I 100% agree with you. I am a bit stubborn when it comes to asking for help as I don't want to post a thread that gets 0 replies.

EDIT: Please provide links or a detailed description of what I should look for. Example: Instead of a fan, what size? How many?​

Last edited by Grenwall; 11-11-2013 at 04:28 PM.




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Please don't shove anything up my butt (especially this crap), properly lubed or otherwise, I'm old an cranky. Have a nice day, Larry

 

[Grenwall]

I am not asking for tips on growing, or answers that pertain to my join date or post count. Also the $50k would not be from growing.... I have shit on the side I do that has nothing to do with growing or drugs. Since this is the black business section I would much rather speak about "financial management". Starting to ONLY grow for the profits, instead of continuing what I am doing would be a better option.

If you don't catch my drift I am stating what I do "on the side" is more illegal than "cultivation" and riskier. I am far from a "young pup".

 

[CaretakerDad]

You should take 15K and put a good attorney on retainer because you are going to end up in jail. You are not the first person (young or old) to have grandiose ideas about growing and selling marijuana and your innocence shows in your thinking. You are much like a 15 year old with a learners permit wanting to hit the autobahn in his imaginary Ferrari. Again grow a couple of plants a couple of times and if you get more than a few ounces, go from there.

 

[Scharfschutzen]

Start with a realtor, I'd say.

Start looking for a house. I don't mean to sound obvious but that's what it sounds like you're asking.

 

[Grenwall]

Start with a realtor, I'd say.

Start looking for a house. I don't mean to sound obvious but that's what it sounds like you're asking.

I'm more of less for tips or advice on my plan of how I will actually use my profits without money laundering. Like buying a cheap house, pouring my profits into it, then reselling it for legit money in the bank. I would like people to point out my flaws in this plan. I appreciate the answer though.

 

[BarnBuster]

...longest mortgage you can get, lowest down payment, don't assume you can fix it and flip it.

 

[Grenwall]

...longest mortgage you can get, lowest down payment, don't assume you can fix it and flip it.

If I buy the house for say $50k, and put another $50k into fixing it up, I would be willing to take a loss of $10-20k. This would be the cost I would be saving by not money laundering wouldn't it? Pay cash for the contractors and what not. Live off my profits, and every paycheck I get from my real job would go directly into the bank. Pay bills with money orders/cash.

I forgot to mention, I wouldn't plan to stay in this house forever, I would end up fixing it and repeating the process. $50k for a house with a basement? That would be in a bad neighborhood.

 

[Ringsixty]

If you can..do it.
I bought my 1st property @ the age of 22. Put down 100K and borrowed 50K. Paid that off the 50 K in 15 years. 33 years later I still own it.
Just keeps generating revenue for me. Sure comes in handy when your retired.

Good Luck

 

[Grenwall]

If you can..do it.
I bought my 1st property @ the age of 22. Put down 100K and borrowed 50K. Paid that off the 50 K in 15 years. 33 years later I still own it.
Just keeps generating revenue for me. Sure comes in handy when your retired.

Good Luck

Thanks for sharing your experience.

 

[couchlock907]

Sounds to me alot of hating going on cuz he got 50 for a spot,

 

[Balzac89]

Depends on alot of factors most home loans you need 5-10 percent down. Try for a fixed rate at 15 or 30 years. You can always double up on payments.

Just start looking for houses in your price range and start talking to realtors.

Don't let them talk you into an ARM loan.

 

[Grenwall]

Depends on alot of factors most home loans you need 5-10 percent down. Try for a fixed rate at 15 or 30 years. You can always double up on payments.

Just start looking for houses in your price range and start talking to realtors.

Don't let them talk you into an ARM loan.

I don't intend on buying a fixer upper for more money than I have... I would be better off just putting the $50k down on a house that needs no work needed.

 

[Balzac89]

I didn't say anything about a fixer upper?

 

[Grenwall]

I didn't say anything about a fixer upper?

I don't think you understand what I'm trying to do. I'm trying to avoid money laundering by buying fixer upper houses, putting my grow profits towards fixing them up, then selling them well above what I paid for them in the beginning resulting in legal money.

 

[dankman1019]

I don't think you understand what
trying to do. I'm trying to avoid money laundering by buying fixer upper houses, putting my grow profits towards fixing them up, then selling them well above what I paid for them in the beginning resulting in legal money.

The IRS is still going to wonder where you got the 50k from to buy the house especially at age 18. You'd need to show legit transactions from various 3rd parties.. aka laundering lol.. there's no other way around it.

 

[junker1]

sounds like you already know what to do. there isn't anyone here that can tell you any real secrets. buy house, fix, sell. easy.

 

[BWG707]

You are a very fortunate individual to have 50K at 18 to buy a house with. I would not do anything at all to jeopardize your house. I'd keep everything legal for several years before I started thinking about any illegal activities. Your very lucky to be in your position, don't piss it away.

 

[luckybleu]

I don't think you understand what I'm trying to do. I'm trying to avoid money laundering by buying fixer upper houses, putting my grow profits towards fixing them up, then selling them well above what I paid for them in the beginning resulting in legal money.

how much money you make in a 2x4x6 tent? I got to get me 1 of those things

 

[mangojuice]

Going through seller/owners three times now, I've never been asked where I got my cash, which I got from buying swamp land in Florida that turned out only to be about 25% swamp. If you finance, I think there are bank questions about where you get your down payment etc. your job and things like that. Seller/owners don't usually ask. SO you can turn it around depending on your state's real estate laws. If you reinvest, in another primary abode, there are no questions asked, unless you live in a state that asks a lot of questions about your taxable income.... California comes to mind.

Investing in a house is the easy part. The hard part is fixing it up - including all those things you would never have guessed could go wrong - and selling it. And doing so in a way that is honest and keeps you out of a real estate lawsuit. Honesty is always the best policy in commercial transactions.