Due to changes in the economy, young adults increasingly are turning to investment in order to have enough money to care for their elderly parents and be able to save for their own retirement as well.
Two young adults are Kevin and Stephanie Jorgensen Amolsch Denver, Colorado, who were working full time at a bank, go to college and wondering about their future.
"Our parents had absolutely no retirement account, and worked all the time," said Jorgensen. "None of us wanted to continue working so hard in our 50s and 60s. ... More importantly, we care for our parents just the way they have taken care of us."
Although they were in their 20s, Amolsch and Jorgensen decided to assume the difficult task of investing in real estate. There was an Internet research and reading books. Then he looked for properties that had been on the market for long.
They found that most homes on the market were not suitable for investors, however, as the vendors were looking for someone to pay full price. As investors, Amolsch and Jorgensen looking to negotiate.
Investors often find better deals with vendors that are under pressure to quickly close deals, but they do not need the money from selling immediately. The good candidates are the owners who are tired of dealing with tenants or vendors who have moved out of state and have already bought other houses.
Amolsch and Jorgensen had to talk to more than 100 vendors until they found someone who was motivated enough to sell to an investor. They bought two properties in the first year.
"If two college students who live off of rice and Top Ramen can do this, anyone can," said Amolsch.
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