Just got 60k. How can I double/triple it?

Member since 2023 · 9 posts · 6 votes

I just want to make as much money as possible at this stage of my life. I have 60k. What’s some ways I can double or triple it within a year or so? I’m specifically asking how to maximize my return within the field of real estate with the money I have right now. Should I buy a multifamily and rent it out? Continue wholesaling? Looking for some ideas

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

@Richard Purdy

To double it in a year head over to your local casino and pick red or black

Real estate historically provides an 8-10% return which means it will take 7-9 years to double

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Ash Hegde
Lender · Fort Lauderdale, FL (Lending in FL CT GA MI PA) · Member since 2022 · 470 posts · 349 votes
3y
Ambitious and risky goal. To triple your money in a year, you are likely looking at flipping. Wholesaling can get you there as well. Buy and hold rentals are great but they are a much longer term game.
5 Reply
Mohammed Rahman
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
3y
Hi @Richard Purdy - you're asking the $100 trillion dollar question. If everyone had the answer to this don't you think we'd all be doing it?
There's no guarantees in any form of investment, not even in real estate.
If you have $60k saved up and are looking to use it to grow your wealth, then real estate is a good strategy - but unless you take high risk strategies like flipping, or partnering with other people to flip and etc. then don't expect to triple your money in a year.
13 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
3y
If you want to grow your money that fast, you also risk losing it all. Can you use it to help buy a short term rental? That will give you the biggest bang for your buck without the risk of a flip. Use solid furniture from a thrift shop to furnish it...aside from stuff with fabric-I'd buy that new.
4 Reply
Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
@Richard Purdy
To double it in a year head over to your local casino and pick red or black
Real estate historically provides an 8-10% return which means it will take 7-9 years to double
7e investments53 Reviews
Website View Page
16 Reply
Richard Purdy
OP
Member since 2023 · 9 posts · 6 votes
3y
Quote from @Theresa Harris:

If you want to grow your money that fast, you also risk losing it all. Can you use it to help buy a short term rental? That will give you the biggest bang for your buck without the risk of a flip. Use solid furniture from a thrift shop to furnish it...aside from stuff with fabric-I'd buy that new.
What’s a short term rental? Kinda new to this stuff
0 Reply
Richard Purdy
OP
Member since 2023 · 9 posts · 6 votes
3y
Quote from @Ash Hegde:

Ambitious and risky goal. To triple your money in a year, you are likely looking at flipping. Wholesaling can get you there as well. Buy and hold rentals are great but they are a much longer term game.
Yeah that sounds about right. I think flipping might be the way to go
0 Reply
Richard Purdy
OP
Member since 2023 · 9 posts · 6 votes
3y
Quote from @Mohammed Rahman:

Hi @Richard Purdy - you're asking the $100 trillion dollar question. If everyone had the answer to this don't you think we'd all be doing it?
There's no guarantees in any form of investment, not even in real estate.
If you have $60k saved up and are looking to use it to grow your wealth, then real estate is a good strategy - but unless you take high risk strategies like flipping, or partnering with other people to flip and etc. then don't expect to triple your money in a year.
Looking to risk it all and flip but play smart. Where do you recommend I start? You seem like a well seasoned person in this field
0 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
3y
Quote from @Richard Purdy:

Quote from @Theresa Harris:

If you want to grow your money that fast, you also risk losing it all. Can you use it to help buy a short term rental? That will give you the biggest bang for your buck without the risk of a flip. Use solid furniture from a thrift shop to furnish it...aside from stuff with fabric-I'd buy that new.
What’s a short term rental? Kinda new to this stuff

AirBNB. Rent it out for a few days like a hotel.
1 Reply
Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
3y
Quote from @Richard Purdy:

I just want to make as much money as possible at this stage of my life. I have 60k. What’s some ways I can double or triple it within a year or so? I’m specifically asking how to maximize my return within the field of real estate with the money I have right now. Should I buy a multifamily and rent it out? Continue wholesaling? Looking for some ideas

Wholesale ,
1 Reply
Ezekiel Tumala
Member since 2021 · 2 posts · 4 votes
3y
Do spy call options.
4 Reply
Victor S.
WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
3y
Roulette at your local casino
3 Reply
Luke Rorech
Real Estate Agent · Greater Tampa Bay · Member since 2017 · 392 posts · 290 votes
3y
Put it all on black.
5 Reply
Maksu Ize
Investor · Vancouver · Member since 2021 · 165 posts · 137 votes
3y
Put it on black at the casino, then put it on red to triple it
5 Reply
Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
3y
Don't listen to these roulette keyboard cowboys! The real money is in scratch-off lottery tickets.
13 Reply
Nick Rutkowski
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
3y
@Jim K.
He’s got to buy the 20x cards for $30 dollars each. Better off buying power ball tickets IMO.
1 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
3y
Quote from @Ezekiel Tumala:

Do spy call options.

spy call delta 5 OTM LOL
3 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
3y
Quote from @Jim K.:

Don't listen to these roulette keyboard cowboys! The real money is in scratch-off lottery tickets.

There's another way but it's not legal yet LOL
1 Reply
Mark Cruse
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
3y
If it were common to triple investments in one year wouldn't everyone do it? Why would people invest in stocks or track the S&P for 10 percent if that? What so many don't seem to grasp is that real estate investing is a long game.. It's the furthest thing from a get rich quick play. It's not impossible to do this but it would be like a very high form of gambling. With roulette you have a 50/50 shot and the real estate is less. I have never tripled anything in a year but maybe you could put 60k into a hardcore marketing campaign. If lucky you may get some super distressed property in a super hot appreciating area with a serious ARV. If that happens you could try and wholesale it to someone for 180k. Not very likely but who knows..... The odds are better with betting on Black.
6 Reply
Clay Mitchell
Real Estate Agent · Santa Rosa Beach, FL · Member since 2023 · 1 post · 7 votes
3y
Spend it on education, spend it on joining groups and getting into circles with people who’s goals are their norm. Go get into courses/ groups that are lead by the people who speak on the podcasts. Easiest way to double or triple your money, invest it in yourself.
7 Reply
Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
3y
@Richard Purdy I’d like to apologize for people not taking you seriously with your question. It is absolutely possible to double or triple 60k in a year. I do that and more every year. Here is the most recent deal that I am doing.
I bought the property at 1966 S Moreno Dr, Apache Junction, AZ 85120 at the end of May for 225k. It was a 2 bed 1 bath. We are turning the additions into a 3 bed, 2 bath property now. We’ll be done in about a week. We are putting into it about 35k. The property will likely appraise for 340k. We brought in 22k of our own cash to purchase it and 35k to fix it and pay some carrying costs. We’ll get the end loan for about 250k and we’ll have to leave a little less than 20k into the deal. The cash flow will be very low at first because of current high interests rates. But I will have taken 60k or so and I will have created about 60k in equity. And I will be able to get 40k of my money back into the account. Then I go do it a coupe more times. Within a year I could take 60k and turn it into 120-180k of equity.
480-206-1209 Podcast Guest on Show #287
11 Reply
Napoleon DeCiutiis
Real Estate Agent · The Short Term Shop / Florida Emerald and Forgotten Coasts · Member since 2022 · 217 posts · 126 votes
3y
Quote from @Richard Purdy:

I just want to make as much money as possible at this stage of my life. I have 60k. What’s some ways I can double or triple it within a year or so? I’m specifically asking how to maximize my return within the field of real estate with the money I have right now. Should I buy a multifamily and rent it out? Continue wholesaling? Looking for some ideas

Richard,

Go get @Avery Carl's book, Short Term Rental, Long Term Wealth. It will give you an avenue to build your portfolio about as fast as there is...You will have to get really aggressive to meet your goals. If I listened to every naysayer in my life, I'd still be oilfield welding in Western Canada...write your plan down and start researching to ensure you can do it. There are a LOT of threads on this platform to help you. You may not be able to double or triple in a year, but you'll be ahead of the game.
1 Reply
Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
3y
@Shiloh Lundahl

OK, Shiloh, here's my latest deal. Along with a money partner, who shall remain nameless, our outfit bought 131 E. 21st Avenue in Munhall, PA 15120, for $78K. My guys flipped it in four months and we put it on the market for $175K. It sold at the first open house for $170K. That's a cool $90K+ increase in equity in four months. Classic short-term flip, classic short-term payoff.
You can look all this up on Zillow and the Allegheny County real estate portal, which is a government website. We're closing on this on the 21st of this month.

Well, it hasn't been quite as rosy as the bare number would make it seem. But those are the bare outlines of a fully documented deal, with a fully documented sales number, NOT a personally estimated appraisal, like the chest-pounding deal you just outlined.

I'm echoing @Mark Cruse here when I say that the primary understanding that a REI has to have is that real estate is NOT A GET-RICH QUICK SCHEME. Someone with years of experience and good ideas can put together something that makes a lot of money quickly, sure. Someone with oodles of hustle can get lucky.
But that's the exception, not the rule, and there are always ways to make deals sound sweeter than they actually are when you tell your money stories to listeners with stars in their eyes and money in their fists.

So yeah, on any given day of the week I would certainly take $60K to the corner convenience store and buy the big scratch-off lottery tickets, rather than bring that money to REI and with a clear head try to go after anything that I would call a sane way to triple it within a year.

And I will speak out against a corrosive, debilitating get-rich-quick mindset in real estate investing where I see it being promoted, a mindset that breaks so many people who could other be put on any number of quite reasonable long-term paths to amassing real and lasting wealth.
9 Reply
Mark Cruse
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
3y
@Shiloh Lundahl I have been in the business for a very long time and with my collective network there are hundreds of years of working knowledge. Out of all those experiences with all that professional ability, none of them are peddling real estate as a get rich quick ploy. The people who do this tend to be unethical gurus selling wet dreams to people receptive to it. The problem with this is it's destroying the market for everyone. Selling pipe dreams and telling people they can fire their boss and becoming super wealthy in a year is why we have feckless and untrained wholesalers all over the damn globe devaluing everything. They are sucking up deals not knowing what to do and are collapsing all over the place to the point there are very few logical deals left. These untrained flippers seem to be failing in the 99 percentile rate so credible lenders are sitting on millions in useless defaulted properties. It's this type of stuff that leads to crashes and devastates so many lives in ripple effects. I used to do speaking engagements and know plenty who still do. I understand the appeal of painting some incredible picture of what you do and pick any deal to dress up as the utopian pinnacle of success; however, anyone in this business with experience and sense knows damn well this is not considered reality. This mindset is why we are in the current state we are and it's getting worst. Just look at STRs. People wake up daily to declare themselves a STR investor who will be wealthy next year. The market has declined and is over saturated because of this fake mindset. Yea, every thousand deals someone lucks up but it's my opinion that peddling this as a get rich quick gig is irresponsible and in most cases self serving.
8 Reply
Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
3y
@Mark Cruse I took a look at your profile, and I see that you have more experience than me. It looks like you’ve been investing for 15 years while I’ve only been investing for 13 years. It looks like you have several properties in multifamily and single-family and you have a large network. As a speaker myself, and someone who runs monthly meet up groups out of my building in Mesa, Arizona, and with a current portfolio of only 180 units, including six small mobile home parks, a commercial building, around 30 single-family homes, and a handful of short-term rentals, both in Arizona and also in Costa Rica, I’m only sharing things from my own experience. I can’t speak to your experience. But in my experience, and the experience of several people in the different mastermind groups that I’ve been a part of over the last five years, and with several of my coaching students increasing their net worth well over $100,000 during the year that I coached them, I would respectfully have to disagree with your premise that you can’t get rich quick. I will go on to say that I don’t believe that you can get rich easy. But I definitely know from my own experience and the experience of several people that I know personally, and that I am friends with, it is very possible to get rich quick.
480-206-1209 Podcast Guest on Show #287
2 Reply
Nate Marshall
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 734 votes
3y
Quote from @Richard Purdy:

I just want to make as much money as possible at this stage of my life. I have 60k. What’s some ways I can double or triple it within a year or so? I’m specifically asking how to maximize my return within the field of real estate with the money I have right now. Should I buy a multifamily and rent it out? Continue wholesaling? Looking for some ideas
You can lend it to real estate investors for EMD and Gap deals. They are paying 10-12% for this. You can literally do it on a weekly basis rinse and repeat. I would suggest breaking into 6 $10,000.00 increments. 4-6 week cycles. For the first 12 weeks. Add that ROI to the principal. Do that over 48 weeks. Watch it grow.

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