how much money do i need
how much money do i need to become an investor
- Contractor/Investor/Consultant
- West Valley Phoenix
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Impossible to answer when you give us zero background info. Where are you? How much are houses/apts where you live? How much do you make/have? Do you want to invest OOS?
Basic answer - take the average house price where you live and save up 20% of that number. If you are in a real expensive state, then move and find an affordable area.
Hint - More important than money is knowledge....
- Investor
- Austin, TX
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Zero, you can seller finance a home with 0% down
See answers above. 20% of the cost of properties you want to buy, or 0% if you're using seller financing. Actually that 0% doesn't mean no money. You'll need cash available for operating costs such as Motrin, etc...
i live in Las Vegas, i just bought my first house for 330k, im a truck driver making 100k! what is OOS?
Quote from @Eliott Elias:
Zero, you can seller finance a home with 0% down
is that possible, 0% down!!
Quote from @George S freeman:
how much money do i need to become an investor
All of it. None of it.
You need money, but it doesn't have to be your money. You can partner with others that have money but don't have the time, knowledge, patience, or hustle to put deals together. They provide the cash, you put the deals together and manage them, and you split the profits.
"Investing in Real Estate With No (And Low) Money Down" by Brandon Turner
It can be as low as $0 with a strong mindset and a good business partner.
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Quote from @George S freeman:
Quote from @Eliott Elias:
Zero, you can seller finance a home with 0% down
is that possible, 0% down!!
Our clients who purchase their first investment property are in the range of $125,000 - $150,000. Since it's an investment, you'll have to put down 20% minimum. Including closing costs and other misc. fees, they're all in from $30,000 - $55,000.
Then again, you can put down as little as 3% on your primary and eventually rent that out when you're ready to move.
Does vary. No less than $10k usually.
Quote from @Bruce Woodruff:
Impossible to answer when you give us zero background info. Where are you? How much are houses/apts where you live? How much do you make/have? Do you want to invest OOS?
Basic answer - take the average house price where you live and save up 20% of that number. If you are in a real expensive state, then move and find an affordable area.
Hint - More important than money is knowledge..
- Real Estate Consultant
- Cleveland
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Quote from @George S freeman:
how much money do i need to become an investor
Impossible to answer, connect with someone doing deals, learn then apply what you learn
Good luck
i live in las vegas ! i just bought my first house in Henderson for 330k
Quote from @George S freeman:
i live in las vegas ! i just bought my first house in Henderson for 330k
Hijacking thread, as it's relevant to myself & others I imagine. How much money do you need for the following, assuming all single family homes:
1) 150k investment house
2) 250k investment house
3) 500k investment house
4) 750k investment house
5) 1mil + investment house.
For option #1, my math was the below if I want to buy in an LLC:
$37,500(downpayment)
$5,600(approx 5% for closing costs on remaining loan amt)
$6,750(rent reserves assuming 1500/mo rental for 3-6 months)
$10,000(capex reserves just to start)
$1,500(LLC formation)
$2,250(45-day estimate to rent out property losing rental money)
$1,500(1 month payment to property manager for tenant placement)
$1,800(monthly management fee 10% of $150 for 12 months, paid monthly but allocated annually for budget)
So just under $67k.I imagine this math plays linearly to other properties at different price points?
Quote from @V.G Jason:
Hijacking thread, as it's relevant to myself & others I imagine. How much money do you need for the following, assuming all single family homes:
1) 150k investment house
2) 250k investment house
3) 500k investment house
4) 750k investment house
5) 1mil + investment house.
For option #1, my math was the below if I want to buy in an LLC:$37,500(downpayment)
$5,600(approx 5% for closing costs on remaining loan amt)
$6,750(rent reserves assuming 1500/mo rental for 3-6 months)
$10,000(capex reserves just to start)
$1,500(LLC formation)
$2,250(45-day estimate to rent out property losing rental money)
$1,500(1 month payment to property manager for tenant placement)
$1,800(monthly management fee 10% of $150 for 12 months, paid monthly but allocated annually for budget)So just under $67k.I imagine this math plays linearly to other properties at different price points?
thank you so much i appreciate your response this helps a lot
is there anyway for me to get in if i dont have the 70k or just save save save!
Quote from @George S freeman:
thank you so much i appreciate your response this helps a lot
is there anyway for me to get in if i dont have the 70k or just save save save!
so in short in this area in Henderson for 335k single family i need 70k
- Investor
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If you can househack with a roommate you need $30k less down payment, 1500 less no llc (I wouldn’t do the other way anyway, but whatever),save $1800 pm first month (I also wouldn’t pay that when so many will do it for a few hundred, but whatever), $3,000 less rent reserves and $1,000 less lost to vacancy. That puts you in at under $30k. In a year you repeat the process moving yourself and your roommate to the new property and starting to rent out your old property. Hence you get two properties for $60k instead of 1 for $67k.
Quote from @Eliott Elias:
Zero, you can seller finance a home with 0% down
Hi Elliot,
Are you seeing zero down deals happening in Austin yet (???)
Or do you think they might be coming in the future (???)
Investing does not have to be an expensive endeavor. With the right mindset and knowledge, anyone can become an investor with no money.
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Real Estate Agent Texas (#005416)
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$17.48.
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- Austin, TX
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Quote from @Scott Mac:
Quote from @Eliott Elias:
Zero, you can seller finance a home with 0% down
Hi Elliot,
Are you seeing zero down deals happening in Austin yet (???)
Or do you think they might be coming in the future (???)
Am seeing this in Killeen Texas
Quote from @George S freeman:$1.99
how much money do i need to become an investor
The rest is all up to you.
@George S freeman
Hi George. Judging by your question, I will assume your knowledge and experience in real estate is very limited. Instead of asking how much money you need, ask yourself what do you need to know to start investing. Learn the game and you’ll figure out the money part.
Focus on education and how to structure a deal that is my opinion