First 70k no experience and no own a house. What to do?

First 70k no experience and no own a house. What to do?

Member since 2019 · 2 posts · 0 votes

It’s my first time in BP and I am getting 70k from art selling. I don’t own even a house and don’t want to screw or up. What do you suggest? Thanks you so much

0Reply
19 views

3 Replies

Jump to latestLatest
  • Rental Property Investor · Cincinnati, OH · Member since 2019 · 120 posts · 68 votes
    7y

    Hi @German Alvarado, 

    Welcome to BP. 70k creates you various opportunities in REI. However, your greatest investment is yourself. Make sure you educate on the subject from books, podcasts, and BP forums. Educate yourself till your comfortable in what you want to do, then take action. 

  • Member since 2019 · 2 posts · 0 votes
    7y

    Thank you! I’m definitely working on it! I’m 28 and live in Florida, How you guys see the market over here?

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    7y

    @German Alvarado Conn gave great advice. You've done well saving $70K.  You need to figure out how much money you can borrow and what you want to do.  

    If you want to do long term rentals, look into duplexes where you are at and you can live in one and rent the other one out. Depending on how much money you can borrow, you could get a FHA loan and use a smaller down payment, then after a year or two buy another house and rent out both sides of the duplex...and repeat.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.