What's a good amount?

1 Reply

Hey guys, I had a few questions here. I'm just breaking into the game like I said before. I want to do flips, wholesale, long term renting, and once I build up my funds I want to do renovation as well!..so my question is what's a good amount of money to start in with?..I know like wholesaling you don't need much money to jump in. But I don't have much personal money but.. I have to rentals that I'm putting into a LLC that were handed over to my from my father!..so that will give me equity and hopefully a good line of credit with the bank.? Will this be good for me to do the things I want!?..thanks for the advice and input guys it means a lot!.

Hey Jesse. My advice, and I'm sure you'll read it other places on BP is to pick one path and try it out and see if you like it, rather than try to wholesale/flip/and do rentals all at once.
Since you have a good steady job and a couple of properties you inherited, why don't you look for a small multi-family and house hack it with an FHA loan? This is where you live in one unit and rent out the others, essentially living for free and getting great experience in REI. It's what I did and it's great!
While doing that you can sock away some cash and learn more about what niche you want to pursue further or try different strategies for acquiring more properties.
Good luck!