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Updated over 8 years ago on . Most recent reply
I $5000 Cash! Could I buy a MFH? How to obtain funds for reno?
Greetings Investors,
I need some assistance! I have $5000 cash and I would like to buy a MFH and renovate it if needed.
Is this something that is obtainable and how can I make this happen?
#askbp
Most Popular Reply
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Welcome @Aljawaun Golden and congrats on saving $5k so far!
Even with my sweetest seller-financed multi's that had equity day one and were ready to go, it took a 10% down payment plus some reserves. Don't want to barely get into a property with nothing left.
I would do what you did to save the first $5k and keep doing it. Learn as you save. Go to meetups and analyze opportunities with an ethical pro. They may have suggestions or be willing to partner or share the deal and their knowledge.
NO non-essential spending while you are accomplishing your goals. Christmas is a craft. A date is frisbee in the park. We are driving functional beaters and not doing what our broke friends are doing. Brown bag your lunch and change your life. You are in the right place!