Investing out of state
I have 5,000 to invest in real estate. I want to start flipping houses and was thinking of purchasing out of state. Generally I want to purchase and then rent out the property. Until I can figure out whether I want to renovate and sell or continue renting. Please give me all your advice
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#5 Starting Out Contributor
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- Milwaukee - Mequon, WI
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#5 Starting Out Contributor
- Investor
- Milwaukee - Mequon, WI
Horrible advice!! I am sorry to say this, but you are lacking a zero in your savings account to even start thinking about real estate, you need 50k+ before you can think about a flip.
But I don't want you to give up on real estate investing.
I've been an investor for 15 years and think it's the best way to build long term wealth. But your next step has to be something else; instead of flipping houses, start with flipping couches, lawn mowers or boats/cars/trailers. Pick something you have knowledge about, can do where you live, are able to physically improve and train your negotiation and sales skills. The principals are the same, it will make you good money and get you ready for real estate investing.