New Investors - 100k To Start

[Account Closed]

Overwhelmed!

My husband and I are actively looking for our first investment property. We are both agents out in Salt Lake but it’s very expensive here so we are looking seriously in Witchita, Kansas, Witchita Falls, TX and Tulsa, OK but open anywhere.

I’m stuck in analysis paralysis!

We only have 100k to start so we were thinking of buying 2-3 small properties with traditional financing. Using cash for the down payments and cash in the bank.

Not to mention properties are going fast with cash buyers 😩

We have a 300.00 a month HELOC (if we max out the loan) that we took out, so that is playing a part in our numbers.

If you were in our shoes, where would you start? What strategy would you use?

[Jaron Walling]

@Account Closed I would start by taking some deep breaths and SLOW down. REI is not a quick game so take your time. It sounds like you're a bit trigger happy so don't be. Find your niche! What type of property do you want to buy? Do you know how to run the numbers?

$100K isn't going to get you more than two properties in a B/C class neighborhood. In my market that's one property if purchased low (off market if possible). I'd seriously consider a turn-key investment if you don't have much rehab experience. 

Go all in on your target market and start looking street-by-street. Look at sold properties, look at rental rates, and know what a cash-flow deal looks like. It's the only way to find a deal and get the most out of your money.