Is there anything to do with $2,000?

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Is there anything to do with $2,000?

Mike Rubin

Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes

Is there anything I can do with a $2,000 budget which deals with real estate?

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Jaremy Moritz

Real Estate Investor · Houston, TX · Member since 2010 · 122 posts · 126 votes

16y

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...

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Mike Rubin
OP
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
17y
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.
0 Reply
Rich Weese
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
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!!!
4 Reply
Matthew Green
Contractor · Niagara Falls/Buffalo, NY · Member since 2009 · 133 posts · 10 votes
17y
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
2 Reply
Mike Rubin
OP
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
17y
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.
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Mike Rubin
OP
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
17y
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?
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Nick J.
Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
17y
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!
4 Reply
Steven Horvath
Real Estate Investor · houston, TX · Member since 2009 · 77 posts · 18 votes
16y
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.
0 Reply
Jaremy Moritz
Real Estate Investor · Houston, TX · Member since 2010 · 122 posts · 126 votes
16y
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...
5 Reply
Josh Keys
Accountant · Sydey, NSW · Member since 2009 · 105 posts · 24 votes
16y
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.
1 Reply
Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
16y
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)
Podcast Guest on Show #130
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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
16y
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.
Podcast Guest on Show #130
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Shanti S.
Real Estate Investor · Longmont, CO · Member since 2009 · 208 posts · 109 votes
16y
+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!
0 Reply
Christopher W.
Residential Real Estate Agent · Orange County, CA · Member since 2009 · 289 posts · 95 votes
16y
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.
0 Reply
David Breitzmann
San Francisco, CA · Member since 2009 · 171 posts · 24 votes
16y
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.

0 Reply
Bill Gulley
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
16y
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
0 Reply
Mike Rubin
OP
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
16y
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.
0 Reply
Tracey Williams
Investor · Columbus , OH · Member since 2010 · 311 posts · 51 votes
16y
I just want to add that the Library is a great source of information for starters like us.

I once paid for a "guru program" and that's all it was. nothing to gain!!!

I just read "think & Grow Rich" and I got it from the Library.

BP is a great place to be!!!

Thanks to you all!!!!
0 Reply
Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
16y
Ok, everyone seems to keep saying, dont spend your money on books or courses. People, this is a person who is so brand new they dont understand simple real estate investing language.

The best thing he COULD do is spend it on a course. In order for an investor to make anything really happen with $2,000 he would need to be semi experienced and know what to do. Your brand new person will not be able to do this ( no matter how great this website it ).

Mike, you should really consider furthering your RE education and not just with this website. Buy a course or go to a seminar, join your local REIA. Buy some books ( but don't buy Rich Dad Poor Dad, waste of money ). Figure out what you have an interest in and then focus on material pertaining to that. Do not pay for someone to mentor you, that's what this site is for is to get answers to questions. Only you can determine whats best for you, take everyone's opinion with a grain of salt.

Curt Davis - KAIZEN Realty538 Reviews
Website View Page
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Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
16y
One idea. Buy this book for $16.47

How to Make Money With Real Estate Options: Low-Cost, Low-Risk, High-Profit Strategies for Controlling Undervalued Property....Without the Burdens of Ownership!

http://www.amazon.com/Make-Money-Estate-Options-Property-Without/dp/047169276X/ref=sr_1_1?ie=UTF8&s=books&qid=1275488662&sr=8-1

Then invest $1983.53 in real estate options
1 Reply
Tom Bukacek
Real Estate Investor · Austin, TX · Member since 2009 · 118 posts · 76 votes
16y
If you're serious about a career in this industry, you should look to invest in a marketing plan and processes. $2000 will allow you to afford a direct mail program, bandit sign program, newspaper ad, etc... Create your goals and your budget, then implement 5 different types of marketing and you should get your phone ringing with opportunities.
0 Reply
William Longley
Denver, CO · Member since 2010 · 6 posts · 2 votes
16y
Originally posted by Tracey Williams:
I just want to add that the Library is a great source of information for starters like us.

I once paid for a "guru program" and that's all it was. nothing to gain!!!

I just read "think & Grow Rich" and I got it from the Library.

BP is a great place to be!!!

Thanks to you all!!!!

I remember reading about 'Think & Grow Rich' while in college. If I remember correctly the author studied a bunch of successful people and comments on their shared traits and ideologies. I'll definitely pick it up on the way home today.

Also, thanks for the reminder on what a great resource the library can be.

1 Reply
Dustin M.
IL · Member since 2009 · 68 posts · 10 votes
16y
With only two thousand dollars in the bank why not try getting in mobile home investing. It is a low cost option. I'm sure you could find a few mobile homes that you could buy from someone desperate enough to sell for under $2000.
1 Reply
Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
16y
BP's own Shae Bynes just did an excellent review on The Greatest Salesman In the World.

http://www.biggerpockets.com/blogs/728/blog_posts/6869-the-greatest-salesman-in-the-world-book-review-

Hyperlink function not behaving, but cut and paste this into your browser:

http://www.biggerpockets.com/blogs/728/blog_posts/6869-the-greatest-salesman-in-the-world-book-review-

1 Reply
Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
16y
Originally posted by Dustin Michaels:
With only two thousand dollars in the bank why not try getting in mobile home investing. It is a low cost option. I'm sure you could find a few mobile homes that you could buy from someone desperate enough to sell for under $2000.

Dustin, good idea, Search on "Lonnie deal" and buy the book "Deals on Wheels" here at the BiggerPockets store. $2K could get you going.

0 Reply
Mike Rubin
OP
Real Estate Investor · Avon, CT · Member since 2009 · 52 posts · 2 votes
16y
I had no idea mobile homes could be that cheap. That sounds like an interesting idea.

Does anyone else here have experience with mobile home investing?
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