What would you do with 40-50k

Question

I'm taking out a loan against my house to take care of some issues - but when I'm done with the necessary items I will be left with something between 40-50k.

My eventual desire is to have rentals but right now I want the fast nickle or the slow dime. I want to begin by flipping houses then as I build my cash (and pay off this new loan) I will build my rental portfolio.

So what do you suggest I do in 2017 - Keep in mind I live in Los Angeles.

should I use the cash on hand on marketing here in the SoCal area and flip and wholesale? Or should I be looking out of state?

Andrew Dao · Answer

@Arthur Fuller II Im still a beginner with a similar bankroll, but I'm in Houston so its a little different for me. My advice to you would be partnerships. Find an experienced investor or several and build a great partnerships. They usually have the money but don't have the time, if you have the time and can hustle then both sides will benefit. They'll make money, you'll make money, but the real value will be in how much you will learn from them.

Take action first before approaching them. Find a great deal, and bring it to the table and then they'll take you much more seriously. Don't ask for help instead present them with an opportunity. Best of luck to you!

Arthur Fuller II · Answer

@Chris T. Thanks Chris, I've educated myself for about a year now and I am active in two local REIA Groups and I even have someone who is willing to do a JV deal with me when I find one - the issue is it is difficult to find deals here in Los Angeles on budget of 200-$300 a month. I haven't gotten any real leads on my campaigns up until this point.

I'm obviously going to increase my budget for marketing - I guess part of my question is should I continue to focus on my market or should I look elsewhere and also should I just concentrate on direct mail or consider PPC/ADWORDS

Chris T. · Answer

@Arthur Fuller II

@Andrew Dao has great points.

Get educated first, network in your local REI.