I’m a newbie wholesaler out of Houston and I haven’t had any deals as of yet so I could use that money to buy my first property. What are some very inexpensive ways to find motivated sellers? It’s hard to find them to cold call. I have $5k saved, 730 credit and want cash flow now. Should I invest in single or multi family now or get more money and experience before I invest?
I don't know of anything that you could buy with only $5000 for down payments and closing costs. Do you have any other source of funds to pay those fees? If you are buying a property to live in you are going to be paying between $10-$20k in down payment and closing cost at the bare minimum. If you are buying an investment only property you have to pay 20% down plus closing costs. Do you have an IRA you could cash out half of or any other way to come up with funds?
I could scrape another $5k. even with the right deal, is it still wise to take on a single or multi family with what I have or get more funds and experience?