Starting with 10k cash

[James Simpson]

Hey everyone! 

I'm a newbie and I'm looking to invest either in a rental property or to flip a home which do you recommend? Also which is easier to come by? I currently have 10k cash and want to know what are my best options and the first few steps I should be taking. I've recently been looking to Craigslist to see if I could find any places for a bargain price but I've come up empty I currently don't have a job so that's one issue as far as working with the banks any ideas on how I should start!

[Desi Arnaz]

Hi James,

It's great that you are ready to "pull the trigger" on your first real estate deal.

I remember my 1st deal. I had $8,000 and a burning desire to do a deal.  

Today I am a cash flow investor. I have been a landlord since 1982 and I have also flipped a fair numbers of homes over the years.

A couple of years ago I discovered the "paper" side of the real estate investment world. I purchased my first Mortgage Note. I have been actively acquiring Notes for passive cash flow since that time.

I have learned how to "flip" notes as well as properties.

If I were just starting out with only $10,000 I would look at flipping a mortgage Note for quick profit. I would do that a few times until I was able to build up a sizable balance. Then I would begin holding some of the paper for cash flow.  

That's just my opinion.  I'm sure you'll find many options on BP.

I have upgraded to BP Pro & upgraded my profile. Check it out.