Lux Investing - IM 17 YEARS OLD TRYING TO INVEST MY MONEY IN PROPERTY?

IM 17 YEARS OLD TRYING TO INVEST MY MONEY IN PROPERTY?

I am 17 years old i have about 4-5 thousand cash trying to invest in property..how do i do it and what kind of property? and will i be taxed alot i live in oregon. who should I talk to when Im trying to do this and will it cost me money to talk to them? hope you guys answer my all my questions thanks

Public Comments

The best way for you to put that amount into real-estate is probably a REIT (real estate investment trust). Get a brokerage account, research the different REITs available, and then click the buy button.
I'd wait a little longer before buying any land... we apparently have another round of real estate defaults that will effect the market... called "Alt-A" loans. It will probably make property values go down some more. You can find out what the taxes are going to be on a piece of land by checking with that county... especially if you have a lot number or address. Put the money in a good interest bearing bank account and add to it. $5,000 is a good little down-payment. You need to talk with a representative of the institution you will be getting the actual loan from. It won't cost you anything and you will need to check on on a number of things... Can you buy real estate when you are under the age of 18? Can you float your own loan or will you need a cosigner? Can you prove you can make payments on a 30 year loan? Can they give you an escrow account to handle taxes with? I would suggest some semi-rural property that already has a house on it for you to live in, and that you could put some additional bungalows on to create income... either vacationers or friends who can pay rent. Make sure the zoning allows for that. I have several friends who have done this.
If you are in the USA, you will not be able to invest in any property or engage in any legal contract until you are 18. USA law prohibits ANY contract to be null and void if entered into as a minor. "Contract Basics: A contract, whether verbal or in writing, is a legally binding agreement enforceable in a court of law. However, not all agreements between two parties are legally binding contracts. For it to be considered a valid contract, certain elements must exist. Competence Competence to make a contract means each party has the legal capacity to make a contract. Generally, people are considered to be competent to make contracts if they are over 18 years of age and of sound mind. A minor (usually, a person under 18 years of age) who makes a contract can rescind or void it..." http://consumer-law.lawyers.com/Contract-Basics.html Disclaimer: I am not an attorney. Always seek a professional qualified advisor for any such advice sought. One does not have to like the answer (re: thmbs dn), but that is the correct answer. Discuss with an attorney for legal questions.
do not miss the change of minimum 2k to join The reliable and safe investment is myfxfunds Managed Forex Acccount if you would like to make 2% - 15% per month. search for myfxfunds in yahoo search engine for more information.
For right now, I would buy Certificates of Deposit, they are fixed rate, but insured, you can get them for 6 month, 12 month, etc... because you don't have enough money to invest in real estate by yourself and unless you have a partner you trust, I would wait until I had enough money to do it on my own.