Updated 3 months ago on . Most recent reply
First time Flipper (Starting with $13,000 in reserves)
I've been interested in real estate for the last couple of years and just graduated from college. I'm taking a gap year before heading off to law school and desperately want to get started. As of now, I have $13,000 and a dream to get into real estate. FHA loans, househacking, and BRRRR are other possible starts, but I am in a situation where they are either not possible or not preferred. Is it possible to get into flipping with $13,000 of my own cash? Can I target trailers as a viable option? Should I look into family and friends who I know are willing to invest in the first property?
I'd prefer to do it without having to borrow money, but I can also borrow. If anybody has an interest in sharing tips with a newbie and future real estate investor, I'd very much appreciate a conversation.
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#1 Starting Out Contributor
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others might have different answers, but in my opinion... it's just not enough. it's just really difficult to go out and do a one-off, home run flip. you're competing against others for inventory, contractors, etc.
i would just keep saving up until you're ready to house hack. losing money at this point would be a huge step backwards.