Real Estate Agent · Orlando, FL · Member since 2017 · 38 posts · 11 votes
Hi everyone
I am looking to get some advice from those of you who are already investing in property. I have saved and inherited some funds and have $30K in a savings account.
My question is could I invest with just $30k or should I wait longer?
Real Estate Agent · Orlando, FL · Member since 2017 · 38 posts · 11 votes
8y
@ED Marchand yes I have been looking to partner up with someone to start
I think partnering up with an experienced investor is a great idea. Just I haven’t found someone willing to take me on. I’m still searching and won’t give up.
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
8y
Jackie,
Congrats on your decision to start investing in real estate. As I always say, real estate is definitely one of the best avenues to take if you want to reach financial freedom.
The short answer to your questions is: Yes, $30K is more than enough to start. There are people that start with nothing. And when I say nothing, I mean no money. They instead bring other things to the table like knowledge, experience, marketing skills, etc.
I'm probably repeating a lot of the things that other investors have already mentioned but I believe you should first decide on what strategy you want to use and what sub-industry you want to be in within the real estate industry.
Is it flipping, Single Family turnkey, Small multifamilies, Large apartment complexes? After educating yourself, which one will you decide to pursue and which one appears to have the components that better fit your skills and will allow you to reach your investing goals?
On the other hand, how active do you want to be? Are you going to pursue real estate investing full time, part-time or totally passive? Depending on your answer to this, you will find different opportunities within your particular niche.
Regardless of your level of activity, the one piece of advice I would give you is to strongly consider partnering with someone that has experience and that is doing what you want to do at the highest level. As long as you bring something of value to the table, there will be people out there willing to partner up with you and teach you the ropes. Add value first, always.
"If you want to go fast, go alone. If you want to go far, go together."
Real Estate Agent · Orlando, FL · Member since 2017 · 38 posts · 11 votes
8y
@Jay Helms I have been analyzing deals to find a good ROI as the market in Miami is tough to find. I recently found a property in Orlando near a university that I am looking at. I am getting cold feet pulling the trigger.
@Jay Helms I have been analyzing deals to find a good ROI as the market in Miami is tough to find. I recently found a property in Orlando near a university that I am looking at. I am getting cold feet pulling the trigger.
That will happen, unless you really understand your WHY. Once you define your WHY for real estate investing, you'll have a clearer picture of what your goals will look like. Once you have a clearer picture on your goals, you'll create investing criteria to support those goals (your bumpers of guidance).