Starting with $10,000

22 Replies

I am looking  to start out in real estate investing. I live in Queens, New York and I was wondering what fellow BP members think the best way to use $10,000 is,,

Please get back to me, would be greatly appreciated, thank you!

Ideally what would you like to do to start out in real estate? If you are gonna wholesale then you will spend some money on marketing to buyers and sellers.  If you want to do buy and hold your gonna need to save up a little more money. If your gonna flip you will need a private lender or partner. 

Good luck!!

Down payment on an FHA loan for a multifamily property.

Originally posted by @Curt Davis :

Ideally what would you like to do to start out in real estate? If you are gonna wholesale then you will spend some money on marketing to buyers and sellers.  If you want to do buy and hold your gonna need to save up a little more money. If your gonna flip you will need a private lender or partner. 

Good luck!!

 Thank you Curt, appreciate it!

Originally posted by @Rosston Smith :

Down payment on an FHA loan for a multifamily property

I would love to but I would have to find a very cheap property, these New York properties are crazy expensive. Unless, I invest out-of-state.

With FHA you have to owner occupy. It's a 3.5% down payment.

Oh yes i forgot I would have to live in one of the units. Maybe, but not sure if I can find a profitable multifamily that cheap, even with a 3.5% downpayment.

Save more money via W2 job.

Borrow money from your parents.

Your best option, regarding the money, would be to save for a few more years until you have a descent amount saved. 

During that time maintain a frugal life style, stay single, study investing, cultivate relationships with like minded individuals and be patient. Remember wealth building through investing is a long slow process, there is no finish line so no rush to get to the end.  

Curt said it well. It really all depends on what you want to do as an investor..... I would find someone who knew how to market really well and try to learn from them the best you can. Wholesaling is a great lower cost entry into investing. Once learned it is integral to pulling off great spreads.

You could start out investing in tax liens.

@Jordan Santiago in the most recent podcast the guest started out with $10k and kept reusing the same 10 thousand over and over with the brrrr strategy.

@Rosston Smith or marry into some $$ 😁

I know the feeling, New York is a beast of a market to begin in 😖

Good Morning Jordan,

@Thomas S. put it best. Start identifying your options (i.e. wholesaling) and get educated on the ins and outs. Cut back on your current spending as much as you can.

I'm from Queens as well. I've started wholesaling with little money with my partner and I'd be happy to share more info with you. As Greg mentioned, this is a long slow process. Please come to terms with that because if you're looking to turn that 10K into 20K or 100K, it won't happen overnight and it wont happen easily. This takes time, TONS of homework, execution and focus. 

That being said, 10K can do a lot for you as long as you use it strategically. I would suggest avoiding any guru courses/seminars. Just connect with fellow investors and entrepreneurs. My best education over the last year or so has been free!

Best of luck to you!

-Abel

I would invest out of area. I would save more while I researched areas. Check out some turn key providers and guys like Jason Hartman. He has a podcast and helpful site. Full disclaimer - I haven't invested with his program but I have learned a lot from his material. He focuses on "linear markets" that aren't volatile and aren't priced like New York. 
Good luck!

@Will Pritchett I also reside in the expensive NYC market and have been interested in out of state investing. Do you have the podcast # ? Or care to elaborate any further on how to get started. Thanks!

Originally posted by @Abel Curiel :

Good Morning Jordan,

@Thomas S. put it best. Start identifying your options (i.e. wholesaling) and get educated on the ins and outs. Cut back on your current spending as much as you can.

I'm from Queens as well. I've started wholesaling with little money with my partner and I'd be happy to share more info with you. As Greg mentioned, this is a long slow process. Please come to terms with that because if you're looking to turn that 10K into 20K or 100K, it won't happen overnight and it wont happen easily. This takes time, TONS of homework, execution and focus. 

That being said, 10K can do a lot for you as long as you use it strategically. I would suggest avoiding any guru courses/seminars. Just connect with fellow investors and entrepreneurs. My best education over the last year or so has been free!

Best of luck to you!

-Abel

 Hey Abel, nice to hear from a fellow Queens resident. Yes, I am going to look to save effectively and wholesale or to use the 10k for a downpayment on a cheap beat-up house and try to flip. Then use the money to start a rental property portfolio. I have a similar rental unit goal as you, to have a huge amount of units for passive income. Thank you for the help!

Originally posted by @Sochima Eze :

I know the feeling, New York is a beast of a market to begin in 😖

 Yeah man, so expensive.

@Jordan Santiago

Sounds good. Keep me posted on your progress and feel free to reach out with any questions along the way.

The Ghetto, that's one of your option to start with that small amount. NY is being overrun by the big boys. That's one area the big boys won't touch but easily feast able if you have thick skin for it.

Originally posted by Account Closed:

The Ghetto, that's one of your option to start with that small amount. NY is being overrun by the big boys. That's one area the big boys won't touch but easily feast able if you have thick skin for it.

 Thanks William

Learn how to wholesale.  It will allow you to learn the market plus it requires little to no money. Wholesaling will also allow you to grow you capital.

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