What can i do with 12k savings to start investing

Question

Im a 31 year old man wanting to get out of a daily job, i have so far saved 12k dollars, what can i do to start investing in real estate. preferably renting out properties.

Brian Gibbons · Answer

I learned from my boss who had forty years experience

Your first objective is to find a wonderful contract attorney, look at your REIA meetings for contract attorneys that work with Investors, not just agents and brokers

I would also get my real estate license and learn CCIM real estate

@Jay Hinrichs

Is awesome who lives in Oregon

Richard Bradshaw · Answer

You could use FHA financing and buy a multi-unit property. You will have to live in one of the units. With $12k, a decent income and credit score, you could get a multi-unit for $150k (In my market at least).

Elizabeth Colegrove · Answer

Do you own a personal property ? We got started with a personal property with 0% down. Once we got in and were comfortable with all the expenses we didn't need as much emergency fund and this was what we used to fund our first investment. From there we simply lived off one income and saved the others. Every extra penny went into our investment and we worked our way through our baby steps creating an empire.

Jeff Fairchild · Answer

Brian do you have recommended books or a course to learn those things?

Brian Gibbons · Answer

Hi Joseph,

I would look for pretty houses in IL, and look at learning:

1. Sub2 w or w/out land trusts (See Illinois Land Trust)

2. Wrap around mortgages

3. lease to buy contracts

4. TICs Tenants in Common Agreements.

Getting licensed will allow you to buy on your own account as a principal or list the house and get a commission.

Best of luck!

Curt Davis · Answer

When you say renting out property, do you mean a potential home you would own or like a leasing agent for a property management company?

From a conventional purchase standpoint, $12k wont get you a decent home at all.

You might have better luck finding someone willing to offer owner financing and use some of your funds for a down payment.

Good luck

What can i do with 12k savings to start investing

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