How would you leverage $10k?
5 Replies
Brad Lowery
Real Estate Agent from Charlotte, North Craolina
posted about 3 years ago
Jacob A.
from Tuscaloosa, ALABAMA
replied about 3 years ago
I personally would look for a property that I could purchase with some of that money as a downpayment and see what the rehab cost were going to run me. I know that this may not always be doable depending on the market but If you could land a property for roughly 60K-70K with a 5%-10% downpayment, you should be able to potentially rent it out and begin to see a return on your investment.
Just my thoughts. Hope this helps!
Alexander Felice
(Moderator) -
Guy with Great Hair from Fayetteville, NC
replied about 3 years ago
I've done:
bought a 54.5K FHA foreclosure with $2.5K down, refi a year later when appraisal came in at 115K
used 10K of my own cash along with borrowed money to buy and rehab a foreclosure for BRRRR, 6 months later refi my own cash out plus an additional 11K
Lots of places to spend 10 grand profitably
Andrew Syrios
(Moderator) -
Residential Real Estate Investor from Kansas City, MO
replied about 3 years ago
Honestly, I would probably save a bit more before trying to leverage it. Maybe look for a private lender who can fund a lower priced real estate deal and use the $10K as a backup in case the rehab goes over budget.
Nathan Platter
Real Estate Agent from Minneapolis, MN
replied about 3 years ago
@Alexander Felice has shown $10k can do quite a bit!
Talk to a few of these folks. They wholesale in your region and may be able to help you find a deal you can live-in-flip with an FHA loan.
Brad Lowery
Real Estate Agent from Charlotte, North Craolina
replied about 3 years ago
Thank you all for your responses.