6K in the bank... where would YOU start?

3 Replies

Hey there BP fam... I really want to get started in buy and hold RE for cash flow. I don't have much saved up (6k) and I have good credit (700+) with minimal/manageable debt. I've been searching all over California (I live here, just north of LA) and there are some pockets where the properties aren't massively expensive. I've also been looking out of state (nashville, detroit, tampa) to get into something that will cash flow nicely and not cost much to get in. 

What areas would be great for a rookie like myself to start? Note that I'll be doing all my due diligence on the area beforehand. What advice would you give me if you were in my shoes? 

Many are telling me to wait and save up some more money for reserves. But I want to take leap. 

I appreciate your time all of your time!

Start looking for joint venture partners and look at lease options. You don't need any money to get started in lease options and you can collect a good option fee when you close. 

@Paul Aguilar

You are getting some good advice starting out with just 6k is dangerous. What if you need to replace a sewer line or a roof? I personally wouldn't buy yet until you build up some more cash.