Are there ways in Miami to start with 10K on your first property?

[Sharon Segovia]

Hello Everyone,

I've been a member of BiggerPockets for the past 2 years and during this time, I've been actively educating myself with the posts, podcasts, books and all material I can get my hands on.  

I'm ready to take action now that I moved to the U.S. I've been here for 10 months and while I was getting my documents, I've been attending meet ups and seminars but as I'm sure most of you have experienced, you tend to get solicited with the "gurus" offering you education for X amount of money without the security of knowing if it's beneficial to me. 

During this time I've also been managing a property of a friend through airbnb and have liked the process and want to start on my own, now that I also need to have a place to live in.

My question is, with 10K in the Miami area, can you buy or at least use one of the next options as a way to start: 

• sign a contract of a rent-to-own with a lease option
• seller financing
• or I've even heard that you can also buy a property with not a lot of money in foreclosure

Is one of these a way to start with 10K cash and no credit built?

OR should I forget about it, rent a small apartment, and try to start Wholesaling for a while to build some money before getting my first property?

For the people who know the market here in South Florida, what would be the best route to take when you are starting out in real estate? Are there any experts in the area that could help me/partner with the process?

Thanks!!

[Phil Bottfeld]

Originally posted by @Imran Raz:

I am around the same area and was wondering about very same question. In most areas in Miami, prices are very high that it seems impossible to cash flow a property that you bought from MLS. Adam I'll message you as well, please share any tips. Thanks in advance.

 Hi Imran,

$10K will get you started but it's important to have reserves, if all you got is $10K and your budget requires $10K... you need to consider the potential of overages. A lot of times, early investors think they have enough cash to squeeze out a deal and then run into liquidity issues. If you've analyzed a deal and think it will require $10K.. make sure you have $15K just in case you have overages (it happens often). Just my two cents.

Best of luck!

Phil