Investor · PA · Member since 2014 · 16 posts · 0 votes
New to delas out an of my state or even city so looking to invest no more than 20K in a potential deal. Ready to reach futher than my area, and expand. What kind of deals are out there now that you are aware of??
Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
10y
Originally posted by @Account Closed:
New to delas out an of my state or even city so looking to invest no more than 20K in a potential deal. Ready to reach futher than my area, and expand. What kind of deals are out there now that you are aware of??
Billy, I think its important to define an avenue that would help you grow your wealth, not just throw $20k at something.
Immediately, my instinct jumps to maximizing this $20k using some means of financing. If you have $20k, you can acquire a $80-$85K asset, without over reaching, you can purchase something that is ready to go Turnkey. The reason, I jumped to financing and did not recommend (2) $50k properties that will produce $1,000-$1,200/mo cash flow. you will encounter a word of hurt and a misery of collections, followed by a systematic short term tenant turn-over. You can take a few steps up to a better single property that offers $1,000-$1,200, with a better tenant, with less turnover, in a better neighborhood, etc.
Based on my past experiences, I can scientifically say that the value of the asset has a direct correlation with the caliber of tenant you are placing, which is then directly tied to your returns.
Some may argue this school of thought, but I would be willing to say that the majority of the more experienced investors will grossly agree without any reservation.
Just think about it.... you have the ability to make a decision about your future wealth with this $20,000.00 how much risk do you really want to place with it.
Investor · Chicago, IL · Member since 2015 · 677 posts · 309 votes
10y
If you are willing to pay $50,00.00 for a turn key two bedroom one bath with rents of between $550.00 to $700.00 Per month I will sell you my 2 bedroom with $20K down . If you are interested get a hold or me some how.
Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
10y
@Account Closed If you are talking about $20k for 20% down (plus closing costs) and using conventional financing (do you qualify?), you would be able to purchase a turnkey property with tenant and property management in place for about $80k. You would also need to have enough cash in reserve to cover 6 months of your mortgage. Is this the kind of thing you are looking for?
Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
10y
Originally posted by @Account Closed:
New to delas out an of my state or even city so looking to invest no more than 20K in a potential deal. Ready to reach futher than my area, and expand. What kind of deals are out there now that you are aware of??
Billy, I think its important to define an avenue that would help you grow your wealth, not just throw $20k at something.
Immediately, my instinct jumps to maximizing this $20k using some means of financing. If you have $20k, you can acquire a $80-$85K asset, without over reaching, you can purchase something that is ready to go Turnkey. The reason, I jumped to financing and did not recommend (2) $50k properties that will produce $1,000-$1,200/mo cash flow. you will encounter a word of hurt and a misery of collections, followed by a systematic short term tenant turn-over. You can take a few steps up to a better single property that offers $1,000-$1,200, with a better tenant, with less turnover, in a better neighborhood, etc.
Based on my past experiences, I can scientifically say that the value of the asset has a direct correlation with the caliber of tenant you are placing, which is then directly tied to your returns.
Some may argue this school of thought, but I would be willing to say that the majority of the more experienced investors will grossly agree without any reservation.
Just think about it.... you have the ability to make a decision about your future wealth with this $20,000.00 how much risk do you really want to place with it.
Investor · PA · Member since 2014 · 16 posts · 0 votes
10y
Steven Gesis
Would like to start by saying , Thank you fro taking the time to write that valaubale advice.I did in fact do what you suggested on my first 2 unit as well as my second property I live on that has 2 houses on it. I was exploring the option and going to try to do something a little different but I thank you for confirming an issue i was wrestling with regarding wihich avenue to pursue. Any in fo you have about a property or anything else , keep me in mind. " A person who thinks they know it all has just stopped learning I believe..Thank you
Investor · Houston, TX · Member since 2012 · 354 posts · 186 votes
10y
@Account Closed. What are your financial goals? I would start by asking yourself that.
There are so many aspects of real estate investing that you can go into with your 20K. Are you looking for passive income? Rentals.
Are you looking for a job? Flips and wholesaling.
Are you looking for a combination of both? BRRRR
Take the time to ask yourself what your goals are and then research the types of investing based on those goals. Then it's a matter of doing what fits your personality and your comfort zone.
Investor · PA · Member since 2014 · 16 posts · 0 votes
10y
Simon Shih
Thank you before I start and Thank youI for helping me pinpoint a goal.I can put off the instant gratification of the income from a flip , I am focused on Passive Income from Rental properties. Im not looking for a job as I have a full time job but Thank you. Im not interested in wholesaling at this point ( I know that for sure ).
Investor · PA · Member since 2014 · 16 posts · 0 votes
10y
Simon Shih
Thank you first of all for taking the time to assit me in pinpointing a direction. I can put off the instant gratification of the income from a flip, I am focused on the long term rental/passive income properties right now. I have a full time job so I am not at all looking to wholesale at this time ( I do know that for sure). Thank you again!
Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
10y
Originally posted by @Account Closed:
Steven Gesis
Would like to start by saying , Thank you fro taking the time to write that valaubale advice.I did in fact do what you suggested on my first 2 unit as well as my second property I live on that has 2 houses on it. I was exploring the option and going to try to do something a little different but I thank you for confirming an issue i was wrestling with regarding wihich avenue to pursue. Any in fo you have about a property or anything else , keep me in mind. " A person who thinks they know it all has just stopped learning I believe..Thank you
Billy, happy to help and provide some insight, as I stated you have the ability to make this decision today..........
You are absolutely correct, learning is a lifetime exercise not segmented to only one chapter of ones life.