First Investment Property Advice

[Kristian Orphe]

Hey BP Community,

I was hesitant to ask at first but after reviewing a lot of other posts I thought I would just come straight out and ask for help. So about me: I'm currently finishing my bachelor's program for Business Administration and waiting for my Real Estate License application to finish processing so I may take the exam here in California. I realize this was not necessary to start investing, however, I figured it would help me get over the fear of investing in my first property. I work in IT and can assist anyone with anything from building a website to computer/cellphone repair. I gross about 80K a year from my full-time job with almost no financial obligations besides my car expenses. I'm OK with saving money, but far from the best. My point is: that I can pay and would rather not have to save up a crazy amount of money. Most importantly, I'm ready to take on risks.

The Delima:

So I believe I am ready to buy my first investment property but my objective is to do so with 100% "other people's money". The strategy I'm interested in most is BRRRR(multifamily), fix-and-flip, and eventually STR(short term rentals). Recently, a semi-distressed owner offered me a house in Los Angeles (Jefferson Park) for a little under-market value (~700k). Similar houses being flipped in the area are selling at around 1.1 million ARV.

The Question:

How can I make money off of the described opportunity? Any way possible, BRRRR, Fix and flip, STR anything. I would just hate to lose this opportunity (if it's even good).

Is there anyone willing to help a newbie find deals and get into investing? (Essentially hold my hand.)

I have around 10k to invest. What should be my next move?

[Sergey A. Petrov]

$10k doesn't get you anywhere close to a $700k property unless you find a partner with additional capital to bring to the table. Save your money and get rid of your car expenses. Get an FHA loan with a 3.5% downpayment (budget more for closing fees) and grow from there