Can you invest with as little as $10k
I have about $10k saved and have been very interested in investing in property or somehow getting a mentor on how to invest my money. Is it possible to start with $10k?
@Marduk Mooshoolzadeh
I’ve invested less than $10K total in flipping mobile homes in parks. The last one I did netted $16K in profit on an $8K outlay.
I’ve been doing this for close to 20 years. Let me know if you’d like me to share my business model with you.
You CAN start investing with 10k...
I recommend everyone starting with a house-hack, which I definitely recommend if you don't have much savings.
Otherwise, if you have no experience, and only 10k I recommend you continue working hard to build up more capital, and constantly work on learning/gaining experience in real estate however you can.
In terms of finding a mentor. The advice is similar.
If you are working hard, learning or ideally working in real estate, mentors will find you. The mentor, mentee relationship (especially at first) is generally not what you expect. The harder you work, further you get, more money you can deploy, the easier it is to get a more structured mentor.
For now, house hack.
If you can't, keep working hard, saving money, learning and working in real estate and you will find the opportunities you need.
@Andi Ndini hello!
I mean you can find a great deal out about Fundrise on their website. There are other alternatives as well but I believe Fundrise looks pretty decent. I have not invested with them but it only takes 500 dollars to get started! Just research through different sources until you decide if you are comfortable putting your money into their platform!
@Marduk Mooshoolzadeh Absolutely. Just bought my first investment property (turnkey small multi family) with $3500 down.
@Michael Chilton
How did you manage to do it with only $3500 and in what city/ state?
@Marduk Mooshoolzadeh
A lot of great advice in this thread. It was already mentioned but I wanted to highlight it one more time in case you didn't see it - Use your VA benefit since you are a veteran. I've used this several times over the years to buy in pricy markets and the VA loan guarantee allows you to buy with no money down. A 2% fee will be tacked onto the loan if I remember correctly. Recommend looking into "house hacking" with a duplex/triplex/quad and keep your 10k in reserve for repairs, vacancies, etc. while the tenants cover most or all of the mortgage. May have to look at surrounding areas as well to get increased options.
@Marduk Mooshoolzadeh
$5300 4 unit in Iowa. $5000 concession for repairs from seller, prorated rents, and prorated taxes. I have 20% equity. Gross income is $1600/month with cashflow of $300.
@Susan Little The secret is that you don't look for deals like that. You can't find them. No one is going to present on a silver platter and say "Hey I have a deal where you put 10% down on seller financing." When I first found this deal, it was advertised as Cash only. But that didn't stop me. I made offer after offer and did rounds of negotiation. The terms were a results of efforts and not given to me. So the answer is really - You can't find these deals. You make them.
Brilliant!
Originally posted by @Charlotte Dunford:@Marduk Mooshoolzadeh my parks are in GA, IL.
Is there room for a new investor to buy distressed properties in your park ?
@Taj Hammond it's mobile home parks. Not mobile homes. Big difference. And the answer is yes to both questions.
@Marduk Mooshoolzadeh
For great ideas read Brandon Turner’s book “Real Estate Investing for No or Low Money Down”. I just did and I’m so pumped up now!
@Daniel Hyman
Daniel, thats awesome!
How did you go about finding that deal? Also, any tips on landing a seller financing deal?
@Marduk Mooshoolzadeh
You can invest with $0. First learn as much as you can about real estate investing. How it works, what the benefits are, how to spot a good deal, how to negotiate. Read every book you can find on the subject a good start is brandon Turner's low and no money down. Real estate is an amazing investment but understand it has a steep learning curve. Dispite its benefits you can lose money in real estate if you lack the knowledge to qualify and investment and know the diference between investment and speculation. Mistakes are the greatest teacher the trick is learning as much as you can from others mistakes before you make your own, and dont be afraid to make mistakes it's part of the process.
The first invesement should always be In yourself the investor not the investment.
Read, learn, network.
Originally posted by @Charlotte Dunford:@Taj Hammond it's mobile home parks. Not mobile homes. Big difference. And the answer is yes to both questions.
U started going after parks initially or mobile homes ? Can u email me that thing u said u would if u don’t mind ?
A trusted wholesaler brought it our way. We told him our criteria and he went out hunting. The key is to find a GREAT wholesaler.
Originally posted by @Daniel Hyman:A trusted wholesaler brought it our way. We told him our criteria and he went out hunting. The key is to find a GREAT wholesaler.
In your perspective, what makes a great wholesaler?
For our group, we have found that the best quality is just understanding our buying criteria and then sourcing deals that meet that criteria, and being ok with putting in a bunch of offers even if they don't go anywhere. Basically- hustling.
@Marduk Mooshoolzadeh yes it is possible. depending on where you are or where you are investing and the price of the inventory, it may be harder or easier. i love seller financing and i would suggest you look into that for your 10k.
Originally posted by @Daniel Hyman:For our group, we have found that the best quality is just understanding our buying criteria and then sourcing deals that meet that criteria, and being ok with putting in a bunch of offers even if they don't go anywhere. Basically- hustling.
When wholesalers ask if they can put you down on their email list for cash buyers. Do they get the time to talk to you and see what you are looking for?