What Should a New Real Estate Investor Do With $10,000?

What Should a New Real Estate Investor Do With $10,000?

1 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

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YouTube
Instagram @beardybrandon
Open Door Capital

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During episode 356 of the BiggerPockets Podcast, I asked guest Joe Asamoah, “If someone looking to start investing in real estate has saved up 10 grand, what would you as an expert do in their position?”

Joe is a Washington, D.C. investor, who owns more than 30 single family homes that are currently building him massive wealth.

What Should a New Real Estate Investor Do With $10,000?

Here’s what Joe had to say.

First of all, work on themselves in terms of learning the basics, what they want to do, what their goals are, what their strengths and weaknesses are, and make sure they get buy-in from their family, their spouse, and so on. OK? That’s that one.

I mean, you’ve got to really work on yourself first. Otherwise, that $10,000 will go real fast.

Related: What All Newbies Should Consider BEFORE Choosing a Real Estate Niche

Second thing is, let’s decide on which method of focus, which strategy you want to do. Is it wholesaling? Is it fix and flips? Is it landlording?

What’s your strategy? What do you feel comfortable with given where you are?

And then once you decide that, it’s learn the basics of that. So if it’s wholesaling, for example, learn the basics of wholesaling. If it’s rehabbing, learn the basics of that.

The next part is to really identify somebody in the area where you’re located who’s an expert or a mentor or a coach. Because this person can really guide them along and tell them, “OK, then this is what I would do if I was in your situation OK. I would do A, B, C, D, E.

Related: The Ultimate Guide to Finding Incredible Mentors

The key is finding that person and making sure that person will help you. Create a win-win scenario and incentivize the expert or the coach to help you along.

And then once you’ve done that, then just go out and do it. Take action. Do your first deal, and leverage that $10,000 that you have to be able to get on the right path.

Otherwise, that money could go real fast.

I agree—it could go fast, and the new investor will have nothing to show for it. Really, really good advice from our friend Joe.

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What would you do with $10,000 as a new investor? 

Weigh in with a comment below.