Not California.

sc,

Under 21 pretty much says it all these days. Our "education" system has been failing youth for decades!

Maybe in the boonies of Cali, like Modesto, but not in a major metro area. $65k may not even be enough for a down payment.

at least she has got a plan

Hard barganer right there

@Shadowcat Not being familiar with the area or the market I have no comment, give us a little context.

@25 anything on the market for $65K would have to be a dilapidated very old house out in the boon docks.

^I'm sure but if they are young energetic people that have some skills they can save a bundle of money fixing up an old home, then flip it for a profit, I do that occasionally there's a speculator, that I'm friendly, with, buys up homes, rents them out or flips them, when he finds a good deal, he usually makes a partnership with me, and as I have the resources to effect the necessary work needed. over the last dozen years we have flipped 17 homes, in various neighborhoods here in S Florida, I see it as an effective method for young people to gain. Again not being familiar with the market in your area, I would defer to you or someone that is knowledgeable.

That's top-of-the-line property in some areas near Griffin...

Sorry, couldn't resist....

^ "Our "education" system has been failing youth for decades!"

I'd say that's a parental failure, not so much our education system.

If she’s serious, she should get the property inspected and assessed, in that order, in such a way as the current owner doesn’t get to see the result, and from someone the seller doesn’t know. She’ll have to pay for that herself. There’s probably more wrong with it than the outside.

Probably should also get an estimated assessment for when all the crap wrong with it is fixed.

All depends on the area in which she is considering.

Georgia is a big ass state

And there is a lot of land here too

She is planning for the future, researching, negotiating, and willing to put in some sweat equity. These are all good things.

Plus, it’s a good way to use some of that cash income for repairs and updates.

IMO if she's that young and just a baby-stripper she should be saving-and-investing for when she is more stable and has a more permanent-job/career and then set down roots buying a home to live-in - instead of getting into something that may bite her in the ass and has her locked into the location (plus a home is more expenditures than just the mortgage) - IMO owning a property, particularly one like that, is probably not a good fit for her and she may be over her head due to inexperience (but that's just my opinion not knowing her nor all the details).

Owning a home is forced investment. Most young people would be better off saving and investing in mutual funds but not everyone has the discipline for that.

Here in Southern California you couldn't buy the land for $65k to build your house on. Median price house in Los Angeles county is $610,000 and condo is $420k

Where in the hell can you buy a house for $65k?????

I paid $60k for my last new truck.

She has no business buying a house at that young an age. I'd advise her to save more money for several years and start investing in mutual funds at a young age with the intention of holding long term and not selling, especially during the inevitable market downturns, which are excellent buying opportunities.
Whoever said youth is wasted on the young was so right. I didn't start investing until my early 30s. Wish I would have started immediately out of college instead of letting my money waste away in savings accounts, missed out on lots of gains. Fortunately, I made up for lost time later in life, but today's youth needs to realize the power of time and compounding. $5,000 invested at age 21 in a fund that mimics the S&P 500 would be worth around $320,000 at age 63 (based on historical returns) if you did nothing to it.

25 - back in my 20's I did that with my brother in law for a couple of years in CA. They were reposed houses. Cheap but needed a lot of work. He put up most of the money but I occupied the house until we sold it. It came to an end when the banks realized that they could do the same thing. But I did Morph into a 4 bedroom pool home in a very good neighborhood.

I don't think this girl has any idea of real estate costs or what repair costs would be.

@WOODDR2 - most of the country except Cali, the northeast and close to big cities.

I see a new stripper line: Hey baby, let's do a VIP. I need $300 for an independent home inspection.

For example, I just picked one small city in Georgia. Dozens $40K to $65K in Columbus according to Zillow. Then tried some towns at random. Enid, OK. Fayetteville, NC, Scranton PA. Lots of them for sale everywhere.

So, some of you think she doesn’t understand real estate. Of course she doesn’t. She’s 20. That’s how you learn.

Buy a house for cheap, make some repairs and improvements, find out if it was a good investment. Make some mistakes on a $65,000 house and learn from it.

Someone like that is much more likely to have a million dollars in assets by the age of 30 than someone who spends $65,000 per year on college and grad school.

>Someone like that is much more likely to have a million dollars in assets by the age of 30 than someone who spends $65,000 per year on college and grad school.<

damn skippy

I can sell her my shed for that much.
It needs some work, tho.

I found a house in Commerce Georgia for $65,000. It’s actually a small main house and a separate rental structure. Let’s say you put $30,000 into it. Less with sweat equity. New roof. Electric. Plumbing. Paint. New appliances. Whatever.

The mortgage would be around $600. Rent income from two properties would be $1,000. Maybe more depending on how nice the improvements were.

That’s $400 per month in net income plus equity in the property. Do one those deals every year and by the time she was 30, she’d own a million dollars in property generating $50,000 in annual income.

Stripper retirement plan.

^ where is a 20 y/o stripper gonna get all that $$$ not to mention she likely doesn't have the knowhow

^ including the knowhow of being an effective landlord and knowing who to rent to

my ex bought a dilapidated house on highland across from a scrap metal yard in 1990 for 20 grand. she was constantly working on it. the neighborhood changed around her, and in 2010, that house was worth a half million.
the girl is thinking ahead. it's better that she's intending on using her $$ on real estate rather than drugs, or fashion.

The OP explained where she’d get the money. She was going to ask the owner to finance her purchase. I’ve talked to strippers who did that with their home purchase. Because of their cash income, strippers need to be creative when buying homes and cars. They have the skill in persuading older real estate owners and car finance guys.

Lots of car dealers/salesmen in the clubs I’ve visited. A lot. Ditto for insurance guys.

sc,

Some of us love living "out in the boon docks." I'm only 3 mile in "civilization" from the Everglades. :)

I know a stripper who claims she now owns 9 houses and rents 8 of them out (two to her own kids). She is in her early 40's, looks fit and good and buys houses on foreclosure. You guessed it, she hires (?) contractors to fix them up and then rents them. I actually think she barters for some of the work, as she once offered me a few hours of pleasure for a days work. I think she told me that the last one cost her $12000 in a not so nice area of a mid size town. Of course, she must have some capital which most of these strippers do not, but I think she has it just about figured out.