How to start with Real Estate Investing with $5k

Question

I'm very new to real estate investing and I have $5k to start my business. I've decided to go the route of wholesaling because I don't know what other strategy I can use to get the most out of my money. I'd like to hear other perspectives on how I can get the most out of this 5k for in my REI business. What strategy would you use and if you would wholesale what would you use that money on to grow your business?

Jamiel Strickland · Answer

Account Closed,

Keep your $5k, and start off with cheap or free ways of getting leads. This helps you to learn how to actually wholesale, how to market. You get to practice and see if you like it before you start.

Sandra K Shirah · Answer

Have you thought about CivicSource.com? I had limited funds and went through them to purchase last year.  I think they pad a lot of their fees, but it was a somewhat quick way to gain adjudicated property.

Shiloh Lundahl · Answer

Account Closed I would suggest connecting with wholesalers in your market and ask them if you can work for them. You will gain experience and knowledge. That will probably give you a greater return than what the 5k can earn you.

Also, many people on BP speak more than they have the experience to back up what they say. If my post ratio to property ratio was the same as the person I’m referring to on this thread, then I would have 160k posts.  Yet this poster has over 4x my post count.

I encourage investors to listen more than they speak until they become an expert.

Caleb Heimsoth · Answer

I like buying rentals.  I vote for that.  You spend 5k on wholesaling you very likely would have zero money after.  That’s why I don’t suggest that strategy

Rita Medeiros · Answer

Account Closed Come to our women’s real estate group July 31st in Ft Lauderdale listed on BP events page.

Sandra K Shirah · Answer

Account Closed I didn't realize there were no FL properties there :-( I looked at Brevard County Tax Deed Auctions and Sarasota in the past (I'm originally from Gulf County), and many were less than $5K at the time.  There's also Hudson & Marshall (cheapest I found there in FL was $7K though) and Castle Rock REO that offers owner financing for some of their properties.  Best of luck to you!

Account Closed · Answer

@Jamiel Strickland I just viewed your video and it has some cool ideas. Cheap and free lead sources are always good to know. Thanks for sharing it.

Caleb Heimsoth · Answer

@Ana Gazawi. I recommend you save more money and keep the 5k you have

Account Closed · Answer

Great idea. I have the Deal Machine app and I haven't used it but I definitely need to figure out how to.

Account Closed · Answer

@Dominik Makaneole very true. I saw her story on BP's youtube channel. It was incredibly inspirational.

How to start with Real Estate Investing with $5k

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