college student with 70k trying to get into real estate
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[{"id": "gzhns37", "text": "All depends on where you live.", "replies": [{"id": "gzhoxl5", "text": "I live in canada", "replies": [{"id": "gzhvwc9", "text": "\ud83d\ude02", "replies": [{"id": "gzhy20g", "text": "This guy probably from Wisconsin", "replies": [], "depth": 4}], "depth": 3}, {"id": "gzisj75", "text": "Buddy, if you ain't got a source of income then what is you thinkin?  Real estate is a long game, don't tie up 70k with no income in a non-liquid asset.  You may/most likely will need that income at some point.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gzhwb30", "text": "It will be near impossible without an income or a strong partner.\n\nYou may be able to find a duplex or triplex that you can qualify for but typically need income to justify the debt to income ratio the bank will ask for.\n\nAlso Canadian, and they just changed the stress test rules to a maximum testing on the loan rate + 2% or 5.25% (whichever is higher), effectively making the income required to get a mortgage higher.\n\nIf I was you I would talk to a couple mortgage brokers. I know a few who tell tall tales of getting non working students some loans.", "replies": [], "depth": 1}, {"id": "gzhxyv3", "text": "Find a building lot for $35k and buy 2 of them. You will have very little overhead.. only property taxes and maintenance. In 5 years time they will be worth double or triple. Or maybe you will decide to build your own home, if you can save up the cash down the road.", "replies": [{"id": "gzi1rc1", "text": "If only it was that easy", "replies": [], "depth": 2}, {"id": "gzi4nfn", "text": "As a commercial broker, I can guarantee this is horrible advice.", "replies": [{"id": "gzirqqo", "text": "Lol agreed. This isn\u2019t 1954.", "replies": [], "depth": 3}], "depth": 2}, {"id": "gzil7gx", "text": "Lol", "replies": [], "depth": 2}], "depth": 1}, {"id": "gzi6cys", "text": "Find a property you can buy using Seller financing also known as Contract for Deed. You won\u2019t be able to get traditional financing so this is your best best bet. Good luck", "replies": [{"id": "gziibcf", "text": "In the US that\u2019s terrible advice but not sure if it\u2019s legal in Canada", "replies": [], "depth": 2}], "depth": 1}, {"id": "gzi8vr6", "text": "Seller financing. Rent out the additional units.", "replies": [], "depth": 1}, {"id": "gzjmqxl", "text": "I bought 2 lots for $30k and sold them both for $180k 10 years later. I guess it was a bad move. Lol", "replies": [], "depth": 1}]