Hello BP folks I have about 10k saved up to go towards my first flip/rental and access to 10k line of credit. How should I approach buying my first deal? Is this a safe position to pursue a deal?
@Demetrius Ward hmmm, this is certainly dependent on your definition of "safe". The safest move is to keep your money in the bank. There's ZERO risk to that....and ZERO chance of you making money. My point here is that's it all risky. So if you are comfortable with the risk, then it's your position to act on it. I started out with $30,000 properties. First, it was all I could afford...but second, I figured if I made a mistake at least it would be a smaller mistake. So maybe target things that are smaller? Maybe even lean on some other investors in your area. I am sure there are a few real estate groups in OKC that meet on the regular. Start networking and interview other investors on what seems to be working in your market. If this is something that you want to do then you should know there's always risk...there's always some challenge...there will always be someone telling you NOT to do it. So you will need to TAKE what is yours at some level. It's never easy....otherwise everyone would do it. Hope this helps in some way.