How can I get started with $1k in flipping or wholesaling?

Question

Kal Stoyanov · Answer

Flipping most likely will be out of question with $1K. However on the Wholesaling part: I agree on the education part: Checkout some Bigger Pockets podcasts with Guests who do Wholesaling. There are some great Podcasts dedicated exclusively on Wholesaling: Wholesaling Inc, Real Estate Disruptors, Max Maxwell. Dont forget about checking out You Tube university too :)).

What you can certainly do is get started driving for dollars: try Deal Machine. Find some properties, skiptrace them (free tool is truepeoplesearch.com) and make some calls to Distressed Property owners. Dont overthink it , dont be perfect: just take action, see what works and stay persistent.

Good luck :)

Kevin S Porter Sr · Answer

I have put money into books and such. I need a hand holder I guess so I dont make the same mistakes as my first attempt.

Jaron Walling · Answer

@Kevin S Porter Sr I don't know you're market but I would consider adding another zero to the end of $1K. That's not a lot of money to start investing. Obviously you can't flip property with that amount. You could wholesale but that leads to my next point.

I'd take that money and invest in education. Learn as much as possible and continue to save for the first DEAL. Pick up some books, listen to the BP podcasts, network with agents, and hangout with like minded investors until the time is right.

Sarah Brown · Answer

The only thing you are going to do with $1k is educate yourself, or start wholesaling.  Wholesale is tough though if you have no idea what you are doing.  I would encourage to start educating yourself, and while you do that, save up a bit more cash.  There is potential to lend if you can find someone who is willing to borrow that amount, but it's not likely.

Jonathan Greene · Answer

I agree with @Jaron Walling, you need to save that 1k and make it 10k to start designing a plan on how to use that money the most effectively based on your skillset. You obviously can't flip with that amount or anything close to as small and wholesaling would not be a wise spend of 1k on marketing if you don't have the negotiation and people skills and systems set up to respond back to any marketing. What is really your goal? To build a career in real estate investing or to put 1k on red and either get lucky or blow it?

How can I get started with $1k in flipping or wholesaling?

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