$10,000 Cash - Looking to invest in South Jersey
Howdy folks,
I am a newbie looking to invest in South Jersey. I live in Brooklyn and work in the architectural profession in Manhattan. As you may know it is entirely too expensive to buy in NYC with my small pockets (hoping to get to "bigger pockets"). So I've decided it might not be a bad idea to invest in South Jersey which is where I am originally from.
I have $10,000 to invest so I'm leaning toward an FHA loan but would be open to a hard money loan. The issue I've come across is the experience and upfront costs associated with hard money loans. FHA loans seem to take from 60-90 days to close so I hope to avoid at all costs.
My overall goal is to buy a rehab project using the BRRRR strategy.
What would you do with $10,000 cash?
Are there any areas in South Jersey I should focus in on at a reasonable price range? I have been looking in Woodbury which may be a good start.
Lastly, do I have any options other than an FHA loan to finance a deal?
Give it to me straight! I'm open to any and all suggestions.