It’s hard to save for a down payment and my family thinks I should buy a cheaper property back home. What should I do?

Dear Dave,

I’m following your advice and living on a budget, but it’s really hard to save for a down payment on a house because real estate is so expensive on the west coast. My family thinks I should buy a cheaper property back home, fix it up, and flip it to get the extra money I need. What do you think of this?

Alan

Dear Alain,

When you undertake this kind of work, you must supervise what is happening every step of the way. You work on the details, keep an eye on the crew and it’s up to you to make sure everything is done right.

It’s not uncommon for home flipping professionals to look at 100 or more properties to purchase just one. It’s not an easy way to make money, and it’s definitely not something to consider doing remotely. That being said, can you guess what my answer will be? Fixing and flipping properties in the area where you live is quite a difficult job. Trying to do it from hundreds of miles away would be a nightmare. I can’t sign up for something like this.

Keep working on your budget and start saving as much money as possible. You might even consider finding a part-time job for a while to earn some extra money for your house fund. But waiting and saving is a lot smarter than trying to fix up and flip a house in another state.

-Dave