Is there anything to do with $2,000?

Honestly, anything I can do to get my feet wet. I am open for any suggestions and would love to get going. I just need to know what I can do with it first so I can do my research.

Edited: 06/26/2010 at 07:40AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Mar 23 '09, 09:19 AM

This is a good place. There are many on here that started with that amount or less. You'll be fine. The suggestions will come in..Just don't spend it on a seminar!!!

Edited: 06/26/2010 at 07:40AM

Matthew Green

Commercial Real Estate Agent · Niagara Falls/Buffalo, New York

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Mar 23 '09, 09:25 AM

As i am just starting out, i've spent about 700 dollars on my real estate ambiton between books and R.E licensing course. So if your bent on getting an education, then 2k would do alot. However, most on this site would recommend you save that money and try and get as much knowledge from this site as possible. Seriously, they are experienced professionals. In the few weeks ive been a member ive learned more detail specific information here than in any book or course. Just giving you my insight. Good Luck

Edited: 06/26/2010 at 07:40AM

Mike Rubin

Real Estate Investor · Avon, Connecticut

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Mar 23 '09, 09:34 AM

I'll save the money on books and use this resource instead.

But what can I do with $2,000. I am just looking for somewhere to start.

Edited: 06/26/2010 at 07:40AM

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Mike Rubin

Real Estate Investor · Avon, Connecticut

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Mar 23 '09, 09:50 AM

Originally posted by Dan O'Connor

Here's a few to get you thinking a little differently:

1. lock up a solid deal for $100 earnest money and flip it.
2. option a solid deal with $100-$1,000.
3. buy a lien attached to a property in foreclosure (if numbers make sense) and assign your right to cure/redeem to another investor.

Make sense? :lol:

I hope you don't mind me asking questions. What did you say I should do with the $100?

Also, can you please explain 2 and 3 a little further? I am sorry for being new at this. What is a lien?

Edited: 06/26/2010 at 07:40AM by Mike Rubin

Nick J.

SFR Investor · Scottsdale, Arizona

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Mar 23 '09, 10:08 AM

Originally posted by Dan O'Connor

"But what can I do with $2,000. I am just looking for somewhere to start."

Here's a few to get you thinking a little differently:

1. lock up a solid deal for $100 earnest money and flip it.
2. option a solid deal with $100-$1,000.
3. buy a lien attached to a property in foreclosure (if numbers make sense) and assign your right to cure/redeem to another investor.

Make sense? :lol:

Dan............option 3 is a little advanced for a complete newb don't cha think?

Mike, typically newbs usually break into wholesaling or bird dogging. There is a lot of info on this site including the articles and blogs in addition to the regular threads created.....

I will add my .02 in what you should do with that, like most here say, educate yourself as much as you can for free. Figure out what strategy you want to do (if you don't know yet, research different strategies). Think about what you want, short term, mid term, long term etc....

Once you've decided what strategy you want to do and read up as much as humanly possible and feel comfortable moving forward then use that 2k for marketing purposes and get crackin that whip.

There is a guy on here named Jeff, he asks a lot of questions!
however I think his questions are great and I always enjoy when he asks questions b/c it gives a chance to those that weren't even aware of asking a question like he does the opportunity to learn from the answers that are generated by his questions.

1 thing I think you should learn and take from what Jeff does is ask very specific or as specific as you can and you'll receive better than vague answers...

1 last thing, study a REI glossary so terms like liens, LTV, ARV etc....so you have a general understanding of the terms, you'll learn how they play a part the further you move on.

best of luck to ya!

Edited: 06/26/2010 at 07:40AM by Nick J.

Matthew Green

Commercial Real Estate Agent · Niagara Falls/Buffalo, New York

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Mar 23 '09, 01:26 PM

Steven Horvath

Real Estate Investor · houston, Texas

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Mar 04 '10, 10:25 PM

be suprised what kinda books & audio cds there are at the library for free.
if your trying to get a private lender like me try and save up for atleast closing costs and maybe rehab as well.

Edited: 06/26/2010 at 11:55AM

Jaremy Moritz

Real Estate Investor · Houston, Texas

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Mar 04 '10, 11:22 PM

You don't need to waste money on courses & books right now. Use this forum as your knowledge "bank" because it's free and you have a limited budget. Get a "We buy houses" type of website (a template is cheap - $30/mo. at most) and use a portion of your available funds to do PPC marketing to drive traffic to the site. Once you get leads, get them under contract and wholesale them. I won't go into detail on how the whole process works because it's been described in detail countless times on this site. Do a search if you need more info on the process.

Make the most of the available funds you do have. $2000 may not be much to most folks, but it's definitely enough for you to get started with.

That's the plan of attack I'd use in your situation...

Edited: 06/26/2010 at 11:55AM

Josh Keys

Accountant · Sydey, NSW

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Mar 05 '10, 05:40 AM

If you want to watch your 2k turn into zero with nothing to show for it, spend it on a seminar.

Theres a few good books you could buy but i wouldnt go overboard with these. Recommend Real Estate investing for Dummies and Millionaire real estate investor by Keller. Both great books.

Browse the posts, articles blogs etc on this site. BP is one of the best sources around.

Also, recommend continuing to save. Youd be better off with about 10k to start with. It will give you more options. just my 0.02 worth.

Edited: 06/26/2010 at 11:55AM

Will Barnard

Rehabber · Santa Clarita, California

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Mar 05 '10, 05:53 AM

I think some solid advice was given in this thread but I would like to comment on one of them that was repeated several times:
That was - Dont spend it on seminars.
While I agree that most gurus are crooks and only provide general and often outdated education, there are some that are very beneficial to your success. I have attended seminars that I paid for which were worth every cent. I believe the key is to have the ability to sniff out the crap BEFORE you spend any money. Secondly, you definately need to educate yourself with much of the basics right here on BP first and for Free. this way, you have a basic understabnding of many startegies,. terms, etc. and then can understand and more importantly, apply what you learn in a valid (and not too expensive) seminar or workshop taught by an actual investor who does what he teaches (in otherwords, is an investor first, and speaker/educator second)

Edited: 06/26/2010 at 11:55AM

Will Barnard, Barnard Enterprises, Inc.
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Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Will Barnard

Rehabber · Santa Clarita, California

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Mar 05 '10, 05:54 AM

I forgot one thing: Another great resource for your education is to attend some local RE investment clubs - just watch out for the gurus, product pitches and tire kickers.

Edited: 06/26/2010 at 11:55AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Shanti S.

· Western, Massachusetts

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Mar 05 '10, 08:08 AM

+1 on all the advice so far....

Even if you found a 'guru' that is honest and put together a great educational package and seminar, I wouldn't spend my first $2k of investing capital on a seminar or guru.

Like a few said, get some budget marketing going, read, read, read and ask questions on this site, and use your funds to get your business started instead.

Then when you've got something starting to work for you and have an idea where you want to focus, I might consider a seminar in that topic from a legitimate person - the seminars can also be as valuable for the networking as for the knowledge, but you want to be ready to take advantage of it!

Good luck!

Edited: 06/26/2010 at 11:55AM by Shanti S.

Christopher W.

Residential Real Estate Agent · Orange County, California

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Mar 05 '10, 09:10 AM

This thread is almost a year old and the OP isn't active anymore, but the advice is still great and relevant.

I would also add that even though most poeple shouldn't actually purchase anything from the gurus, the free webinars are still a good resource to learn from. Most of the webinars give little tidbits and great advice. You will learn some terminology and get a basic idea of what they are selling. Just remember that it is ultimately a giant sales pitch.

Edited: 06/26/2010 at 11:55AM

David Breitzmann

· San Francisco, California

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May 30 '10, 07:55 AM

Mike,

It is hoped that the learning curve presents many future opportunities.

That said, if the present level requires you to have to ask what a lien is it would seem there is no due diligence that's been done - don't put the cart of debt before the horse.

I say so b/c the word lien is not even specific to RE, it's a fairly common term - not pedantic in the least.

Edited: 06/26/2010 at 01:00PM

Bill Gulley

Real Estate Investor · Springfield, Missouri

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May 30 '10, 08:29 AM

Hi, I bought my first house with a lease purchase, one months rent up front and I lived in it. I bought my second with a note for earnest money on the contract, both were no money in the purchase transaction. If ya don't got it you need to use what ya got, your head!

As mentioned bove, do not rely on guru mayterials or buy books, (see "buy with no money down" or something like that it's a current nthread on the front page of the forums, I went over much of that stuff there)

Probably the easiest thing to do is an option and for very little investment. But you're not going to do one next week, I don't think anyway, meaning you need to learn first. Good luck, Bill

Edited: 06/26/2010 at 01:01PM

Mike Rubin

Real Estate Investor · Avon, Connecticut

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May 30 '10, 10:02 AM

Originally posted by David Breitzmann

Mike,

It is hoped that the learning curve presents many future opportunities.

That said, if the present level requires you to have to ask what a lien is it would seem there is no due diligence that's been done - don't put the cart of debt before the horse.

I say so b/c the word lien is not even specific to RE, it's a fairly common term - not pedantic in the least.

So the point of that statement was to just call me out and say that I am not intelligent? Please further your response in conjunction with my original post please. Thanks.

Edited: 06/26/2010 at 01:01PM

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