BiggerPockets

What should I do with it?? Suggestions? Advice? I want to do something that will allow me to grow it into more so that I can either make a down payment on a house for myself or have enough cash to get a hard money loan for a first real estate investment deal. I thought about investing in tax liens, or buying gold, or possibly buying notes... what do you guys think? Do you have any alternative suggestions? Thanks!!

ps I feel retarded for putting "advise" in the title but it won't let me change that now

How much cash would I need to do a wholesale? I looked into them before but there seems to be a stigma against wholesalers in ny...

Corey,

Its funny here you find one in need of $10k for a short term finance (90 days). Good luck.

-Uwe

Whatever you chose to do with that $10K, just make sure you know exactly what you're doing, so you won't jeopardize it.

Well you could buy a list and send out some mailers. Then, put a good deal under contract and double close. You don't really go around telling people you are a wholesaler. If you have an awesome deal, which you should as a wholesaler, then you can call your buyers and they'll snatch it right up! When you double close the only thing the buyer will know is that you own a property and they are buying it from you.
(have a title search done before you drag an investor into an ugly mess)

Wholesaling does require time and knowledge. If you don't really have the time or knowledge to do it then I would advise against it or anything else for that matter.

If you are looking for passive income then I would pick a strategy and become educated with it then invest in that area.

You could also buy turn-key(ish) properties at a deep discount using long term hard money then sell it by offering seller financing and doing a wrap. repeat..

The passive income strategies to consider would be notes, rentals, seller financing, hard money lending, and stocks/commodities as you mentioned before. Just pick one and master it!

Gold is HOT right now but it won't be forever. You may want to consider opening a WE BUY GOLD store then reinvesting your profits into rentals.

You may also want to look into Berkshire Hathaway B stocks as they are the best performing stocks over long-term. (aside from BRK A)

Corey, you asked a great question. RE isn't the only way to make money and $10K may not go all that far in this arena, especially since you don't want to risk LOSING it all on one bad deal.

In NC the state sells all its surplus property at auction. How about where you're at? Here they sell all kinds of great stuff. I've only dealt with vehicles but I've had profitable fun 'wholesaling' a couple ex-highway patrol cars.

And NC also auctions off property seized in drug-related crimes. Boats, planes, shiney bling and so forth. I happen to like the wholesale Harleys that appear regularly.

In today's economy your cash should speak very loudly in the right market. Choose an overlooked niche, learn more than the competition and you should do very well.

Good luck and keep us posted.

NO! Don't screw up your first deal! You can screw your second one, but don't jeopardize the first one cause you will feel defeated and it will shake your self confidence.

Don't rush! Study whatever you invest in and whomever you are investing with!

Something to consider, try making money without spending your $10K first, other than perhaps marketing expenses, but keep them low, and once you have made money and can replicate your system, figure out how to use the $10K to supercharge your business. The problem with having money is that sometimes it is easier to spend it than to be creative.

Originally posted by Eddie Ziv

you will feel defeated and it will shake your self confidence.

You're gonna screw up at some point. That shouldn't impact your self confidence. Why not get it over with? Are you going to not ask out a beautiful woman because you might screw something up? Eddie, I know you and I have both screwed up in deals. I had a rental in Chicago and you have on in LA. Knowing what we know now about areas like Indiana and Alabama - those Chicago and LA rentals are screw ups.

It's better you screw up on your own dime first of all because you'll realize it's not so bad and you can recover and secondly because no one knows about it but you so you save yourself the fine experience of screwing up with someone else's money. :wink: You'll never make as much on your own money as you can on someone else's. Your own 10k is what you'll spend learning how to effectively invest other people's money.

Originally posted by NC Mark

Corey, you asked a great question. RE isn't the only way to make money and $10K may not go all that far in this arena, especially since you don't want to risk LOSING it all on one bad deal.

In NC the state sells all its surplus property at auction. How about where you're at? Here they sell all kinds of great stuff. I've only dealt with vehicles but I've had profitable fun 'wholesaling' a couple ex-highway patrol cars.

And NC also auctions off property seized in drug-related crimes. Boats, planes, shiney bling and so forth. I happen to like the wholesale Harleys that appear regularly.

In today's economy your cash should speak very loudly in the right market. Choose an overlooked niche, learn more than the competition and you should do very well.

Good luck and keep us posted.

I actually have thought about the car idea before so I am really intrigued by this answer. Can you give me more information about how this works? If you buy cars like that and resell them are you going to have to get some kind of used car dealer license? Do you have to warranty them and such?I know a lot of states now have laws where if you are a car "dealer" you need to warranty the cars you sell.