$10,000 to invest in real estate what will be the best course of action. This would not be enough to obtain a hard money loan Which typically request 20 to 30 K in assets.My credit Score is about 690 and typically don’t have trouble obtaining a traditional loan. With all the different levels of experience on BP and I need to get some ideas and recommendations on what steps I should take with the current assets I have or should I continue to save an look to invest in the near future.
If you could make/save additional income fairly easily, I would save a little more and then buy a solid C class rental in a market where the numbers make sense. I would also work on paying off debt or increasing your credit score so you can get into the top lending category. That will save you money on interest rates and fees that are charged by lenders.
In a lot of the Midwest (OKC included) you can get a solid C class rental for 60-90k that will hit the 1% rule. With a 20% down payment, you can be all in for under 20k and cashflow a few hundred dollars per month. You'll want to have reserves in place in case something happens, but it's still a great way to grow your wealth with a fairly low up front investment.