Updated about 5 years ago on . Most recent reply
How to get started with 10k?
Hey so I’m completely new to real estate. I haven’t done a single deal yet. I read a lot of the books offered on bigger pockets and watch a lot of webinars and podcast really just trying to learn. I’ve saved up 10k from working at my job and wanted to know how i should use it. Doing the research I’ve done so far I really want to get into renting multi family homes. But I don’t really know how to take the first step yet so I’m kind of stuck.
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$10k isn't a lot but it's enough. As far as a multi-unit scenario one option is to go FHA and look for a duplex. You would be living in one of the units. It will require 3.5% down. You can have the seller pay some of your closing costs, which in this market won't be easy, but it won't be impossible. Based off of this info you may be looking at a home maybe +\- $150k - depends on how much the seller pays for, any reserves needed, etc (all info a great lender can help you with). In South Jersey (Gloucester, Camden, Salem counties) there are homes in this range depending on your specific needs and desires. Generally as you move north it gets more expensive and downright insane in some areas.