Starting Out

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts

User Stats

7,205
Posts
7,520
Votes
Bruce Woodruff#3 All Forums Contributor
  • Contractor
  • Arizona
7,520
Votes |
7,205
Posts
Bruce Woodruff#3 All Forums Contributor
  • Contractor
  • Arizona
Replied Oct 24 2022, 18:47

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....

User Stats

3,969
Posts
1,928
Votes
Eliott Elias#2 All Forums Contributor
  • Realtor
  • Austin, TX
1,928
Votes |
3,969
Posts
Eliott Elias#2 All Forums Contributor
  • Realtor
  • Austin, TX
Replied Oct 24 2022, 20:18

Zero, you can seller finance a home with 0% down 

User Stats

12,021
Posts
17,415
Votes
Joe Villeneuve#1 Innovative Strategies Contributor
  • Plymouth, MI
17,415
Votes |
12,021
Posts
Joe Villeneuve#1 Innovative Strategies Contributor
  • Plymouth, MI
Replied Oct 24 2022, 20:44

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...

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Oct 24 2022, 20:50

i live in Las Vegas, i just bought my first house for 330k, im a truck driver making 100k! what is OOS?

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Oct 24 2022, 20:52
Quote from @Eliott Elias:

Zero, you can seller finance a home with 0% down 


 is that possible, 0% down!!

User Stats

19,531
Posts
30,017
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
30,017
Votes |
19,531
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Oct 25 2022, 04:35
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

  • Property Manager Wyoming (#12599)

User Stats

1,330
Posts
971
Votes
Nate Sanow#4 All Forums Contributor
  • Realtor
  • Tulsa, OK
971
Votes |
1,330
Posts
Nate Sanow#4 All Forums Contributor
  • Realtor
  • Tulsa, OK
Replied Oct 25 2022, 06:14

It can be as low as $0 with a strong mindset and a good business partner. 

User Stats

3,969
Posts
1,928
Votes
Eliott Elias#2 All Forums Contributor
  • Realtor
  • Austin, TX
1,928
Votes |
3,969
Posts
Eliott Elias#2 All Forums Contributor
  • Realtor
  • Austin, TX
Replied Oct 25 2022, 06:44
Quote from @George S freeman:
Quote from @Eliott Elias:

Zero, you can seller finance a home with 0% down 


 is that possible, 0% down!!


User Stats

137
Posts
58
Votes
Dylan Speer
  • Investor
  • Denver, CO
58
Votes |
137
Posts
Dylan Speer
  • Investor
  • Denver, CO
Replied Oct 25 2022, 07:33

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. 

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Nov 24 2022, 07:53
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..

User Stats

1,084
Posts
602
Votes
Bob Stevens#3 General Real Estate Investing Contributor
  • Real Estate Consultant
  • Cleveland
602
Votes |
1,084
Posts
Bob Stevens#3 General Real Estate Investing Contributor
  • Real Estate Consultant
  • Cleveland
Replied Nov 24 2022, 07:54
Quote from @GeoIrge 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 

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Nov 24 2022, 07:55

i live in las vegas ! i just bought my first house in Henderson for 330k

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Nov 24 2022, 07:56
Quote from @George S freeman:

i live in las vegas ! i just bought my first house in Henderson for 330k

User Stats

129
Posts
54
Votes
Replied Nov 24 2022, 08:02

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?

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Nov 24 2022, 08:14
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?


User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Nov 24 2022, 08:18

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!

User Stats

23
Posts
8
Votes
George S freeman
8
Votes |
23
Posts
George S freeman
Replied Nov 24 2022, 08:27
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

User Stats

4,787
Posts
5,785
Votes
Bill Brandt
  • Investor
  • Las Vegas, NV
5,785
Votes |
4,787
Posts
Bill Brandt
  • Investor
  • Las Vegas, NV
Replied Nov 24 2022, 10:02

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. 

User Stats

3,503
Posts
3,786
Votes
Scott Mac
  • Austin, TX
3,786
Votes |
3,503
Posts
Scott Mac
  • Austin, TX
Replied Nov 24 2022, 10:15
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 (???)

User Stats

154
Posts
97
Votes
Jay Thomas
  • Real Estate Agent
97
Votes |
154
Posts
Jay Thomas
  • Real Estate Agent
Replied Nov 24 2022, 10:37

Investing does not have to be an expensive endeavor. With the right mindset and knowledge, anyone can become an investor with no money.

User Stats

138
Posts
173
Votes
Eric Gerakos
  • Investor
  • Costa Mesa, CA
173
Votes |
138
Posts
Eric Gerakos
  • Investor
  • Costa Mesa, CA
Replied Nov 24 2022, 11:26

$17.48.

User Stats

3,969
Posts
1,928
Votes
Eliott Elias#2 All Forums Contributor
  • Realtor
  • Austin, TX
1,928
Votes |
3,969
Posts
Eliott Elias#2 All Forums Contributor
  • Realtor
  • Austin, TX
Replied Nov 24 2022, 19:42
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 

User Stats

1,963
Posts
1,031
Votes
Mike Reynolds
  • construction
  • Nacogdoches, TX
1,031
Votes |
1,963
Posts
Mike Reynolds
  • construction
  • Nacogdoches, TX
Replied Nov 24 2022, 21:15
Quote from @George S freeman:

how much money do i need to become an investor

$1.99

The rest is all up to you. 

User Stats

60
Posts
70
Votes
Lucien Perreault
  • Investor
  • Chicago, IL
70
Votes |
60
Posts
Lucien Perreault
  • Investor
  • Chicago, IL
Replied Nov 25 2022, 02:46

@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.

User Stats

1
Posts
0
Votes
Rami Sobhani
  • New to Real Estate
  • London, ON
0
Votes |
1
Posts
Rami Sobhani
  • New to Real Estate
  • London, ON
Replied Nov 25 2022, 06:08

Focus on education and how to structure a deal that is my opinion

Log In or Sign Up to Reply