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!
Rental Property Investor · Davenport, FL · Member since 2013 · 285 posts · 220 votes
7y
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.
Rental Property Investor · Albany, NY · Member since 2015 · 51 posts · 18 votes
7y
@Michelle Phelan
Also - its possible to even get into real estate investing without any money so 10k is more than enough - it's just a matter for what you can bring to the table, creative financing (like family and friends, private lenders, hard money lenders, etc), and partnerships.
Theres lots of people out there with money but no time - if you can find the one that's willing to fund it and you provide something in return now you've created a partnership that you can utilize to make a purchase.
What you can bring to the table is something you'd have to figure out for yourself that you think is valuable.
@Alex Dayes you shouldn’t invest the 10K in real estate it’s too little money. Put it in a secure mutual fund until you save up $50,000 and more. Then you can go ahead and look into multi family properties depending what areas you are looking in.
Wesley Chapel, FL · Member since 2019 · 57 posts · 20 votes
7y
@Mindy Gratt all i need is 20k. All like the guy above send earlier. Find a partner. There are way i know of to make a deal. Just have to find and deal worth it. For loans that are not occupied by owner, the bank from what i hear will only fork over 80%.
Wesley Chapel, FL · Member since 2019 · 57 posts · 20 votes
7y
@Joshua Howaniec ive already bought like 60 books from a second hand store and listen to the BP podcasts all the time. Plus, i upgrade to pro so i could mess around with the BP Brrr calculator. Thanks for the tip
I see that you are just starting to dip into the world of real estate! For folks that don't have high-income jobs and want to work full time now or soon in real estate, most of them start off by finding deals. For those that don't have deep pockets, it all starts with finding deals.
You can find them however you want, and in fact, that's one of the most common topics in the BP forums. Finding them comes down to your marketing campaigns. A lot of people try out direct mail, door knocking, cold calling, bandit signs (illegal), driving for dollars. Just remember it all depends on how good your list is!
That's how I started, and then once I had $20 - 30k extra, I started getting hard money to buy flips. some hard money lenders loan 100% of cost! Just pay the interest and float payments to contractors.
Rental Property Investor · NY MA CT VT MT, MO · Member since 2015 · 200 posts · 116 votes
7y
I'm with @Steve Milford-- I got into Real Estate in '93 because I wanted to learn how to buy my own property-- found sales and loved it, made a bunch of cash and was an expert in my market, so was able to grab properties at excellent value. Saving commissions here and there was a drop in the bucket compared to the education and the understanding of my market and it's appreciation... That being said, I often used my commission to purchase properties: properties I didn't have a buyer for, so a commission I wouldn't have received if I DIDN'T buy it!! I felt like I was getting paid to buy!
Rental Property Investor · NY MA CT VT MT, MO · Member since 2015 · 200 posts · 116 votes
7y
@Eric Hrlbock, @Michelle Phelan, @Account Closed eloquently puts it, FIND DEALS! the money and partners will come. Find me a deal and I'll probably partner with you if you work hard... some percentage of a deal is better than no percentage of no deal.
Wesley Chapel, FL · Member since 2019 · 57 posts · 20 votes
7y
@Alan Brown thanks very much for reply! I am already aware of mutual funds from Dave Ramsey and notice the fees, and how much the fees were over compounding years....insane. no thanks. I want to know what i am investing in, and have more control! I prefer to be hands on! I am working with my Agent to find a deal. I have a few in mind just from zillow, lol i know, but its something. Im using those propertirs to learn the BRRRR calculator, which i used on my own house and my agent said i was SPOT on with the numbers. I WILL get a deal very soon! Connect with me if you ever want property down here in Florida!
Rental Property Investor · Poughkeepsie, NY · Member since 2013 · 262 posts · 96 votes
7y
I don’t but i usually do those drive arounds or Starbucks meetup early sat or sun. It’s usually one on one but I have had as many as 3 people. I’m sure if you put it out there that you are coming up to the area and want to meet some local investors people would respond.
Rental Property Investor · NY MA CT VT MT, MO · Member since 2015 · 200 posts · 116 votes
7y
@Eric Hrlbock and @J.R. Coffin that sounds pretty great. Whenever I go to Poughkeepsie I'm never quite sure where to start! Will keep in touch, and PM y'all. On vaca from this weekend through the next one, but maybe after that!
Rental Property Investor · NY MA CT VT MT, MO · Member since 2015 · 200 posts · 116 votes
7y
@Eric Hrlbock and @J.R. Coffin that sounds pretty great. Whenever I go to Poughkeepsie I'm never quite sure where to start! Will keep in touch, and PM y'all. On vaca from this weekend through the next one, but maybe after that!
Rental Property Investor · NY MA CT VT MT, MO · Member since 2015 · 200 posts · 116 votes
7y
@Account Closed, I would love to connect witchu; I think about investing in Florida A LOT! especially in Winter... Where is your town near? Someone told me Englewood might be good.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y
If it were me id just take the ten grand and flat out buy a house to rent out . Of coarse most of the country doesn’t have houses that cheap like I have so you will have to look out of state