Real Estate Investor · Calgary · Member since 2008 · 92 posts · 3 votes
I saved 15 thousand dollars in 6 months!:) Now Im getting layed off for the winter in 5 weeks and I will collect EI all winter until next Construction season.. while I try to make my first deal..
What would you recommend on doing with 10 thousand dollars? Buy a place and rent it out? Id prefer a little less risk then flipping etc..
Houses in my area are going for anywhere from 80k-170k for a 2 bedroom 2 bath..
Thanks guys.... looking forward to hearing your opinions!!!!!!
Boonies, PA · Member since 2008 · 333 posts · 15 votes
19y
Buy a house at wholesale. Fix it up some to the point you can live in it. Move in fix up the rest of the house and do a FSBO when your ready to sell again. Repeat this process. With a construction back ground you can have a better understanding of repairs. Even rentals need remodeled. Rentals can be risky just like remodeling a house if you don't do your homework. Not sure what type of work you do. I travel the US and have a PM taking care of my properties. I usually work 3 months, off 3 months, on 3, off 3. Makes it hard to locate properties when your on the road. If nothing more I would put that money in a money market. I think some are getting 5.5%
Personally my goal is to pay off my house. I am currently house less. Things look good for buying the next one with cash which is my goal. Taken that monthly mortgage payment and putting it into an investment fund will be nice for a change.
Good job saving not many people have that mentality.
Real Estate Investor · new york · Member since 2008 · 25 posts · 0 votes
19y
congratulations to you. I am in the same boat about the same amount of money. I posted similar post. I listen to veteran members here and I joined National real estate group on my city. and reading this site and learning various methods on buying and selling.
I am trying to pull the trigger at this point. my state of NY is very expensive.
im reading lots of info. Im looking elsewhere even if i have to move.