Renter · Hialeah, FL · Member since 2014 · 239 posts · 27 votes
Hello everyone. I have an opportunity to get a personal loan for about $10k and was thinking about what I could do with it as far as investing. Obviously the loan would have a monthly payment which I will need to account for when pursuing a possibility.
@Jose Diaz There are other ways to invest in real estate.
@Curt Davis If he has time to invest as well, then I suggest he invest in himself. One way he can do that is by marketing for motivated sellers in his farm area. If he mails to a list of 1000 absentee owners it should cost him no more than $1,000 if he outsources the mailing of these letters. To me, this is far better than investing in a down payment on one house. That way, he can learn while talking to sellers, networking with buyers, and closing deals. If he closes just one deal he could easily net $5,000 or more on that one deal, and gain a ton of experience along the way.
@Jose Diaz If it was me, I would either look for cheaper $ or save up $10k. Work a part time job and try to wholesale a few properties, may be slow but you will win in the end. Tax liens too can be purchased for a few dollars and may get you land or a house for minimal $. Honestly I would slow down and not take on the risk of a high interest loan...
I am also new in the game. I work as a firefighter in Hialeah. Im sure we could network and maybe work together to get a deal. Hows the wholesaling going? Im doing that as well. tough market here in S Fla. Good Luck and contact me whenever you want