Wesley Chapel, FL · Member since 2019 · 57 posts · 20 votes
How should i invest 10k? Buy and flip, Brrr method? I have been listen ling to BP for a couple months now. I love the podcasts and thank everyone of you coming out with your stories and advice! Extremely interest in Real Estate and would love to eventually leave my job. Main goals is passive income (cash flow) and long term wealth. Any advice would be greatly appreciated!
Look into house hacking, you can get into a 2-4 unit FHA 3.5% down, live in one unit and rent out the other. In 1 year, you can move out and rent out your unit.
Look into house hacking, you can get into a 2-4 unit FHA 3.5% down, live in one unit and rent out the other. In 1 year, you can move out and rent out your unit.
@David Stone Sorry i should have mentioned, i own a home with my girlfriend and live there with our daughter. Otherwise i would have loved to house hack! Thanks for replying!
@Michael Carbajal same man. On a challenge to read 1,000 books. Growth self developement, and investing, stock and real estate. Idk much, but from what i learned from BP podcasts. Stay active here in the app and ask question and comment on stuff. If not read the content. Take notes ect.
@Alex Dayes love the ideas that you and Michael are taking about. From my experience and what Ive observed, my advice would be to forego the 1,000 book challenge and take action. Buy something! If you lose 10,000, then you’ve paid 10,000 for an invaluable education. The biggest reason people don’t invest is because they never pull the trigger, go for it!
@Brit Hale sorry thats just a side hobbie separate from anything. But i fully understand what you mean, and appreciate the reply. I am looking on the MLS, Zillow, and i have a real estate agent i will get with to learn how to analyze properties. Until i have the capital to act on a deal.
@Allan Smith just started looking into wholesaling. Cant remember the podcast, but they giy and his wife would send out 600 letters ect. Thanks for the advice, really appreciate it!
Flipping and BRRRR are cash intensive and with only $10k saved I would save more money if you want to go at this alone. If you are open to partnering, that may be an option to land your first deal while you build up your capital.
I would suggest a house hack for your situation but it sounds like that is not an option for you.
@Alex Dayes Have you considered leasing something you could sublet for a profit, like Grade C commercial space or a vacation rental or a warehouse to divide into artists’ studios? In my experience, one has to work harder and be more creative when starting small but it’s possible! Don’t give up until you find the right clever idea for your situation.
@Michael Noto yes, i agree. I think find a partner would be the option if i want to get a deal done soon. I will reach out to family first and see if anyone wants to part up. Thank you for taking the time to reply!
@Maggie W. Not sure, i will have to look into that. My Gf and i own a home right with a great amount of equity in it. I already have and idea using out home has a great deal. We can refinance, fix the AC, roof, both bathrooms and water heater. Getting all that would make this house a perfect place to rent. Especially if Zillow is accurate and i could rent it out for $1350 a month. If that is true, that would be $461 cash flow. Put aside half for unexpected fixes. Even after the update, we would still have plenty of money left over to get a new house for us. I have a real estate agent with over 20 years experience in my market, who is also my sister in laws uncle, who help find our current house. That you for replying. Love the creative and different ideas!
My advice, get licensed to sell, so when you purchase for yourself you make the commission on the back end. The education you get from that is worth 1000 books.
I became an agent to raise capital, get experience, and build my own portfolio. Use your relative as a mentor so you can learn the back end of real estate too. It will open your eyes tremendously. Prior to that day I decided in 2015, I was a wannabe for 10+ years.
Can you elaborate on your comment? If you know what you are doing you can get started with $10,000. I currently have $20,000 but I live in NY. I am new to the area and find it challenging to take the leap. I personally would like to meet other like minded investors and buy and holds.
Any Troy, NY, Albany, NY or surroundings area want to meet up?
I'm from Rensselaer NY and have multi family in Albany NY that I manage as well , condo in Rensselaer NY, and a property manager for a single family house in Poughkeepsie NY. Message me whenever you want to meet - additionally I'll keep you in the loop for bigger pocket meetups in our area that happen once a month.