How should i invest 10k?

50 Replies

@Dennis M.

Hey Dennis!

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?

@Michelle Phelan

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.

@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.

I host a small meet up in Poughkeepsie.  Our next one is 2nd weds in aug. 

6 pm icehouse. Poughkeepsie ny. Hudson property management is speaking, great networking also going to be talking about the new landlord laws

@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.

@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%.

@Michael Christopher Clark Welcome to BP.

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.

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!

@Eric Hrlbock , @Michelle Phelan , @Hemang Bhatt

Please put me in the loop for your meetups... I'm really looking hard at the NY Market from Newburgh to Albany/Troy, may even move there, but don't know the area very well at all.  I have some properties in Pittsfield MA that have done well, but the Landlord tenant laws are ridiculous!!  

@Mindy Gratt ,  Whaaaa??  Poor @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.

Sorry, trying to cut back on the coffee.

@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!

There is a lot of local meetup. 1st weds $20 Orange County choppers. 

2nd weds 6 pm ice house 

3rd weds curt darrah from legacy homes   Reia 

Great networking. Great knowledge 

Sometimes even great deals being discussed 

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.  

@Eric Hrlbock and @Jillian R. Wiedenmayer 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! 

thanks!

@Eric Hrlbock and @Jillian R. Wiedenmayer 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! 

thanks!

@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.

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