I will be receiving a small ($5000) inheritance. I know that I want to build my portfolio with income rental properties where I currently live, Southeast. Any proven suggestions on what my next step should be???
Use that money to market for distressed sellers.... Take as many properties Sub2 as you can and wholesale the rest :) At least, that's what I would do :D
Daniel is right, but do you have proper foundation in education. Don't go crazy with GURU's. Buy some (used) real estate books, attend local REIA. Be educated before you commit. In no way do I suggest spending over $200.
Education can be achieved for a lot or for very little, but the lack of education can be very costly. Don't believe what you see on TV reality shows.
I have read a few books on Real Estate investing. I am a property manager, but I want to be the owner not the middle man. I know I need much more education, especially on the financial aspect of investment. I could really use a mentor.
You are going to need enough on hand cash and a good credit score with employment history to qualify for 20% down + closing cost financing.
There are some investors out there who will buy a home using FHA financing and live in the home for the minimum required time and then go and repeat the process.
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