Hi my names Jordan, really coming here to potentially get in contact with people who have been or are in similar situations. I currently have about 50,000 saved and want to start putting it to use, knowing real estate is one of if not the safest investments. More so want to make connections and learn from others who have already invested and have things to teach.
Congrats man!! There are many ways to get in the game, but I HIGHLY recommend house hacking with roommates if you can. I've done it twice here in Reno, NV, and it's changed my life.
Another vote for house-hacking. Here's some quick math.
Here in Denver, a 4br/2ba house in the suburbs is around $525,000. With $50k down and a 7% rate, the payment would be around $3300.
In the Denver area, you can get $800-$1000/room. Live in one room, rent the other three for $2400-$3000. And now your net payment is $300-$900. That's less than anyone's paying in rent.
Save the difference and supplement with other savings from a regular job. You can buy with as little as 5% down. (But more is better in this high-rate environment. You don't want to be over leveraged.)
Rinse and repeat every two years or so. In a handful of years you've got a few properties, and you're on your way.
With $50,000 saved, you have several solid investment options depending on your goals and risk tolerance. You could house hack by purchasing a small multifamily with an FHA or conventional loan, reducing your living expenses while building equity. If you're looking for faster portfolio growth, the BRRRR strategy allows you to buy, rehab, and refinance properties to recycle your capital. Out-of-state investing in cash-flow markets or partnering with experienced investors for passive returns are also great ways to put your capital to work. DM me, and I'll point you in the right direction based on your specific goals!
Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
1y
Hey Jordan, I'd say house-hacking is one of the best ways to get into real estate investing. You’re able to learn the basics of a real estate investment with lower risk and build equity at the same time.
Being able to purchase a property with only 5% down means you can leverage your money way more effectively. When you’re investing with leverage, I think it makes more sense to do it in a market that’s showing plenty of signs for growth.