First investment! I Only have $5,000 cash how can I start with getting my first rental property !?

@Cesar Gomez Get more money, find a partner, read some books-to start

5k won't go very far in this business. If I was pressed to use the 5k, I would spend it on marketing, getting my RE licensing and building that piggy bank via selling houses as a Realtor or wholesaler.

I agree with what the first person posted. I've looked into investing with limited funds and it's very difficult, not impossible but difficult. Also, there are always surprises that come up in REI so you always want to have a financial cushion. Some options might be looking at very inexpensive markets like the rural south or partner with someone you trust with experience and money where you could put your 5k into a deal then get a percentage out of it. A good starting place might be to decide exactly what your objectives are then call your bank or (my preference) credit union; tell them exactly what you want to do and ask them what you need to do to get there. A good agent will give you lots of useful information, a bad one won't. So don't hesitate to talk to a few different people.

Depends on your market. Looks like you are in NYC, so that is going to make things pretty tough without bringing in someone else or someone else's funds. Like @Jesse Stein , said, I'd take a look at some cheaper markets. If you're actually able/willing to move, there is always the house hack. This is such a great strategy for so many reasons. Specifically, with regard to the funds, assuming you can take out an FHA loan because you are actually living in the property, you can get a 100-140kish MF and won't need to put more down than that 5k. This excludes closing costs, future repairs, etc., but you get the idea.

@Junon Celestin my credit score is 810 and has been around there for awhile. I have no Debts at all. I have 5 credit cards all are paid off and just finished paying my 10k loan recently.

Keeping working that day job and save every penny until you have money to invest AND a comfortable emergency account. Are you a homeowner? If not then I suggest that your first investment be in a principal residence. There are a lot of benefits including better financing, possible down payment assistance, first crack at some foreclosures, etc. Ideally its a multi-family that will cashflow, but even if its not I guarantee that in the long run, if you maintain it properly, it will grow your net worth.

Don't rush to get into the market if you are limited for funds. Do your research, find out how much you can borrow and save up to buy a rental in a good area. When purchasing there are extra costs that can quickly add up.

@Cesar Gomez that is a big chunk of money in Arkansas. You are rich here! I do RENT TO OWN Deals here in the ex “land of opportunity” and the minimum to start is $5,000. A lot of people don’t have that here. I just sold a nice 3br, 1 1/2 ba house for $75,000 via RENT TO OWN and all the buyers had was $5,000! Their payment is $815/m for only 15 years! $815/m That is an awesome return on $5,000 down! I don’t think u can get that kind of return in any bank in the USA!! Plus the house is going to be about $150,000 in 15 years with the rate of dollar devaluation and real estate appreciation!

@Cesar Gomez how is your credit score? I am not an expert but I think you need to save some more. What are you looking to buy a fixer upper? I personally had to house hack when I got my 5000 house at the auction in my city. Hope this help a little.

I'm concerned that all his available cash will be used up during the transaction, and he will be left with nothing should there be repairs or vacancy.

Only $5,000 cash how can I start with a rental property !?Only $5,000 cash how can I start with a rental property !?

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Only $5,000 cash how can I start with a rental property !?

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