Newbie Investor looking to turn 2k into more

12 Replies

Good morning everyone. I’m new to the game and I’m looking for any type of tips, advice or mentors to help me along the way. I’m currently at a cross roads trying to figure out what and how I can start to earn money. I’ve been looking into Storage units, flipping houses, laundromats, and vending machines. The problem is I only have about 2k to put towards something but I have a credit score of 680. I’m open to any ideas and building a mentorship relationship.

I look forward to hearing from you guys.

@Tre Hobbs hey Tre! I'd be glad to answer any questions you have about laundromats. I own a couple and am pretty connected in the industry. I also have a website with a bunch of information and free resources on laundromats. Let me know if you want to take a look and I can send you the link!

With only 2k, you can look at a lot of things, but none of them are going to be a 2k play. You are much better off continuing to save because what can you really do with 2k and if you did, you would have no reserves left. 2k isn't even enough for reserves on an investment so instead of researching self-storage and laundromat options now, focus on where you are making your money and how you can make more so you have a bigger seed to plant with.

Hi @Tre Hobbs . There's tons of great information on how to invest without money down, how to raise capital with no experience, etc. Be sure to read books and listen to podcasts to learn from industry professionals. 

@Tre Hobbs I would say it's a combination of saving X, say $10,000, and making connections along the way. If you make good connections while saving, that's when deals that you could be a small part of come into play. You want to learn as much as you can so when you do plunk down whatever is saved, you know you are making a good choice and have reserves to cover what comes up because it will.

@Tre Hobbs

2K is not really enough. Here is what I would do. I would start reading more RE books - 10

Start listening to BP podcasts - 100, start stacking up your monies till you get to 25K.

Or get creative and see if you can get 25K from someone else or somewhere else.

If RE is where you really want to be there is a lot to learn in the beginning before putting your money into RE.

I had a lot of lessons learned the hard way and lost several 10’s of thousands of $$