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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Michael Meates
Member since 2023 · 11 posts · 7 votes
3y
Quote from @Jim K.:

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

HAHAHA YES!
1 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
3y
Quote from @Guy Gimenez:

@Richard Purdy
There will be no shortage of investors here willing to "help" you double your money...for a hefty fee of course. The reality is that while you may double your money in a year, you won't do so without substantial risk, meaning you could also lose it all. Repeat after me...no one will care as much about your money as you do. This is a brutal industry with scammers at every corner. If you don't know how to do your due diligence and you're not committed to doing a substantial amount of learning on your own, your chances of losing are much greater than average. I'll say this for the 1,000th time...believe none of what you hear and only half of what you see. That Sir, is how you better your chances of success.

Long time I used to think biggerpockets itself is a scam lol but then there is value in this website and community
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Mark S.
Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes
3y
@Theresa Harris investors don’t usually make a lot of money their first year with a short term rental. The start up expenses, ramp up time to build traction, and unexpected issues often make your one a break, even at best. Anyone who buys a short term rental expects to double or triple or investment in one year is dreaming or unbelievably fortunate.
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Andrew SyriosPro Member
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Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
3y
Gotta go with the Dogecoin
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Todd Jones
Member since 2023 · 243 posts · 199 votes
3y
@Richard Purdy,
I would like to answer your question by combining what @Shiloh Lundahl, @Mark Cruse, @Jim K., and @Clay Mitchellare stating:
Q: "Can I double/triple 60k within a year?"

A: "Yes...just not this year. Develop the skillset and experience in 2-5 years then you can take 60k and double/triple it within a year".
As you can see from the individual's replies, REI and other areas of investment involves learning the trade first. (e.g., vetting contractors, knowing what is a "deal" per your goals, knowing your area and local rental laws, knowing who to contact when x occurs, staying professional when the room becomes emotional to control the room, consistent, reliable, and respectful communication with key work partners, having the discipline and passion to show up and keep going).
Once you know the trade and have experience and confidence, yes, 60k can become 180k. But you can also lose 100k. On the Real Estate Rookie podcast, Tony J. Robinson lost 100k based on circumstances beyond his control. However, he captured all the lessons learned and implemented them.
Because of this, I invite you to try a different perspective.
Instead of having a short term goal, use this as a jumpstart for consistent returns for the long term. Do you want 180k now with a ton of risk or do you want to build up to 500k or more consistently from here on with much less risk?
If so, listen to the podcasts, join a local REI group meetup, read the forums to see how folks did it, and go checkout perspective deals.
Folks are unfortunately throwing the lotto/roulette comments because you mentioned the timeline "...within a year". This hinted of a person who wanted to to "get rich quick this year" using a complicated long terms business with several risks and variables where the reward is consistent income. Also, there are back/forth discussions because they are highly passionate of their trade.

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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
3y
Quote from @Mark S.:

@Theresa Harris investors don’t usually make a lot of money their first year with a short term rental. The start up expenses, ramp up time to build traction, and unexpected issues often make your one a break, even at best. Anyone who buys a short term rental expects to double or triple or investment in one year is dreaming or unbelievably fortunate.
Very true, but you will make more money than a long term rental in the short term.
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Jerry Lucker
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 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

Here's an idea. I've been flipping mobile homes in mobile home parks for over 20 years. The first one I did I was all in for purchase and repairs at $17K and sold for $37K. I did 8 flips the first year and netted $170K. The numbers have changed but the business hasn't. My most recent flip was all in at $100K and sold for $160K. It's hard to match those profit percentages with real estate. You'll find very few investors that understand this niche well enough to get involved in it. There's never been serious competition :)
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Mark S.
Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes
3y
@Theresa Harris I agree with you. The OP wants someone to tell him how to get 2-3x his money in one year, though. I think it is unfortunate that so many people are led into believing there are vast riches that can be made easily and quickly in real estate, rather than through diligence, hard work and patience.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y
Quote from @Jerry Lucker:

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

Here's an idea. I've been flipping mobile homes in mobile home parks for over 20 years. The first one I did I was all in for purchase and repairs at $17K and sold for $37K. I did 8 flips the first year and netted $170K. The numbers have changed but the business hasn't. My most recent flip was all in at $100K and sold for $160K. It's hard to match those profit percentages with real estate. You'll find very few investors that understand this niche well enough to get involved in it. There's never been serious competition :)

Lonnie deals :)
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Ned CareyPro Member
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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
3y
Quote from @Jay Hinrichs:
Lonnie deals :)

RIP lonnie
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Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
3y
@Mark S. You know how to turn 60k into 120k within a year. Why don’t you just tell the OP how you do it. Just outline it rather than say “through diligence, hard work, and patience.”
Just tell him what you did the last time that you did it.
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Mark S.
Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes
3y
@Shiloh Lundahl I believe you misunderstood my post. I am not saying that you can double or triple your money in one year through diligence and patience. The word ‘patience’ would imply just the opposite – that it takes time. What I was saying is that real estate generally tends to be a longer path to wealth, not a “get rich quick“ scheme. Have I doubled my money in a year? Sure, with flips. But once again, that’s a bit misleading. If you invest $60,000 into purchasing and renovating a flip and then sell it for a price it doubles your money, that looks great until it comes time to pay taxes. That’s another thing most people don’t take into account. Your $60,000 profit quickly goes down by 40-50% in most cases.
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Ivan Terrero
Investor · Naples, FL · Member since 2016 · 256 posts · 75 votes
3y
@Richard Purdy
Learn how to sell stock options, trade futures, become a loan shark.
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Mark Cruse
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
3y
@Shiloh Lundahl I clearly understand what you are alluding to. I'm not saying it's impossible at all. When I think about it, most likely I have had over a 100% return somewhere (flips/equity position). My over all point is how some chose to present this. It's not about you specifically per se. I just have a problem with coaches selling pipe dreams that most of their students will never realize. I have seen this my entire time in the business. Get these people gassed up, convincing them they will easily with little effort be rich in a few months. It's manipulating their emotions in my book. Yea, maybe they should know better but so much in society tells them the same (HGTV, YOUTUBE). After the coach gets his 50k cut it's mission accomplished. My point and only disagreement with you is in my book it's unreasonable to believe most will triple their investment or get rich quick just by associating with you or any other. Yes, maybe that will happen every blue moon but if I see something different I will change my tune.
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Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
3y
@Mark Cruse if you see coaches telling people that it is easy to make money in real estate without a lot of effort, then yes, I could see how that is misleading. Also, if you see coaches that take their money and leave the student high and dry, then yes, I could see how to a negative opinion would form toward coaches. I think the only thing missing for you to agree with me more would be to get to know me more. I am going to send you a PM and I think you may change your mind about my comments.
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Ross OlsonPro Member
Watertown, SD · Member since 2017 · 14 posts · 12 votes
3y
This whole debate breaks down to: Is it possible? Yes. Is it likely? No
1 Reply
Ross OlsonPro Member
Watertown, SD · Member since 2017 · 14 posts · 12 votes
3y
This whole debate breaks down to: Is it possible? Yes. Is it likely? No
2 Reply
Ricardo Hidalgo
Real Estate Agent · Member since 2019 · 569 posts · 257 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 should look into flipping or trying to build homes. Long term rentals holding requires lot of units and an appreciating market. "FAST" money or always requires some sort of risk.
0 Reply
Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
3y
Quote from @Ross Olson:

This whole debate breaks down to: Is it possible? Yes. Is it likely? No

Yep that’s what the whole debate Boils down to. It was sure fun reading the debate though.:)
1 Reply
Kyler B.
Member since 2020 · 38 posts · 9 votes
3y
What did you do to make your $60k? I'd recommend continuing doing that, but 3x every activity you are doing - either using yourself or some sort of leverage
0 Reply
Sheri Dell
Member since 2023 · 23 posts · 11 votes
3y
Quote from @Jerry Lucker:

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

Here's an idea. I've been flipping mobile homes in mobile home parks for over 20 years. The first one I did I was all in for purchase and repairs at $17K and sold for $37K. I did 8 flips the first year and netted $170K. The numbers have changed but the business hasn't. My most recent flip was all in at $100K and sold for $160K. It's hard to match those profit percentages with real estate. You'll find very few investors that understand this niche well enough to get involved in it. There's never been serious competition :)

Wow! I've never heard of flipping mobile homes before. Are they a lot easier than flipping houses since you're not dealing with stuff like foundation issues and dry rot?
0 Reply
Ran-D Baldwin
Member since 2023 · 12 posts · 8 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

I'd ask how you got it? If it was through some type of business or value creation I'd look at ways to do it again. If you spent all of your time on the thing that generated the $60k you most likely would be able to do it again and faster. Your knowledge is the multiplier in your investing.
Otherwise doubling or tripling your money in an industry you don't understand is unlikely.
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Jerry Lucker
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
3y
Quote from @Sheri Dell:

Quote from @Jerry Lucker:

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

Here's an idea. I've been flipping mobile homes in mobile home parks for over 20 years. The first one I did I was all in for purchase and repairs at $17K and sold for $37K. I did 8 flips the first year and netted $170K. The numbers have changed but the business hasn't. My most recent flip was all in at $100K and sold for $160K. It's hard to match those profit percentages with real estate. You'll find very few investors that understand this niche well enough to get involved in it. There's never been serious competition :)

Wow! I've never heard of flipping mobile homes before. Are they a lot easier than flipping houses since you're not dealing with stuff like foundation issues and dry rot?

A lot easier! Simpler and faster to buy and sell. Less expensive and easier to fix up. Profit margins way above real estate flips. A lot less competition.
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