Investor · FL · Member since 2024 · 10 posts · 5 votes
I'm interested in obtaining my first investment property this year. Any advice for what I could do with only 10k available? I've been looking into cheaper markets that I'm familiar with, but unsure of the best route. Have considered bank note investing, tax lien/deed investing, loaning it out, etc. Any suggestions?
Investor · South Florida · Member since 2020 · 36 posts · 30 votes
2y
Hello Kamazja! Florida is tough nowadays for sure. I personally have a few properties ranging from Orlando down to North miami and can tell you that just insurance and property taxes alone are making it more and more difficult to invest here.
I’ll say the cliche thing and advise you to invest in yourself. You’ve done a great job saving up those 10k! The best thing would be to find ways to build you skills, network and experience first and then worry about investing later. You will find that you can leverage relationships and an open mind much more effectively than that cash you have in the bank!!
Real Estate Agent · NJ · Member since 2021 · 569 posts · 127 votes
2y
I did my first flip with only 2k, there are a lot of investors out there with capital and no deals, start networking and connect with these investors so when you do locate a property you can do a JV (joint Venture) with one of these investors. That's what I did with my first 3 flips.
Hello Kamazja! Florida is tough nowadays for sure. I personally have a few properties ranging from Orlando down to North miami and can tell you that just insurance and property taxes alone are making it more and more difficult to invest here.
I’ll say the cliche thing and advise you to invest in yourself. You’ve done a great job saving up those 10k! The best thing would be to find ways to build you skills, network and experience first and then worry about investing later. You will find that you can leverage relationships and an open mind much more effectively than that cash you have in the bank!!
Thanks for the advice Carlos! That's essentially my plan. I have a love/hate relationship with the newbie phase of this, because I'm ready to get involved yet reluctant because of my lack of experience. But practice makes perfect.
As far as networking goes, I'm actually attending an event in Tampa this week for new multi-family investors. I also plan on attending some with the SWFL REIA as well.
I did my first flip with only 2k, there are a lot of investors out there with capital and no deals, start networking and connect with these investors so when you do locate a property you can do a JV (joint Venture) with one of these investors. That's what I did with my first 3 flips.
That's great advice. I've heard a few people say they've done the same, so maybe I'll try that route. Thanks for the suggestion.
Also ask sellers if they would do owner financing.
I hate the idea of wholesaling but gonna give a shot for the sake of building capital. I'm also looking into owner financing or setting up a lease option with current residence once my lease is up, and potentially turn it into my first rental.
Investor · Texas (DFW & West Texas) · Member since 2023 · 86 posts · 55 votes
2y
@Kamazja Redd is this your first property? If so I would look at leveraging an FHA loan product for 3.5% down on a duplex, triplex or quadplex (what some call a "house hack"). I agree Florida is tough nowadays so it may take some effort and time to find a deal that makes sense. If it is your first, I would also review down payment assistance programs in your county that you could be eligible for. Hope this is helpful and good luck!
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
2y
I think you need to figure out what you want to do first and learn how to do it. THEN get yourself to some meetups and meet other people locally. Focus on your vision. You say you want your first investment, but you are looking at note investing, tax deed investing, loaning your money, etc. FOCUS. How to find a deal. FOCUS.
Go to a few meetings and ask every investor that you meet, "Tell me about your first deal. I am looking for mine and I need some help to get there".
Get their number and text them tomorrow and thank them for sharing their information. You will build a huge network that will help you more than you can imagine.
I think you need to figure out what you want to do first and learn how to do it. THEN get yourself to some meetups and meet other people locally. Focus on your vision. You say you want your first investment, but you are looking at note investing, tax deed investing, loaning your money, etc. FOCUS. How to find a deal. FOCUS.
Go to a few meetings and ask every investor that you meet, "Tell me about your first deal. I am looking for mine and I need some help to get there".
Get their number and text them tomorrow and thank them for sharing their information. You will build a huge network that will help you more than you can imagine.
Thanks for the reply Rick. I agree. I have a lot of interests but think I'm going to house hack my way into a multi-family and 1031 every couple of years. But as far as networking that's my main priority at the moment. I'm new to the area and the field so I'm just trying to soak up as much information as possible at the moment.
@Kamazja Redd is this your first property? If so I would look at leveraging an FHA loan product for 3.5% down on a duplex, triplex or quadplex (what some call a "house hack"). I agree Florida is tough nowadays so it may take some effort and time to find a deal that makes sense. If it is your first, I would also review down payment assistance programs in your county that you could be eligible for. Hope this is helpful and good luck!
Thanks for the advice and yes. This would be my first property. I'm planning to house hack. But having trouble finding a property that's worth it. A lot of them in my area are new builds, and personally I'd rather have a property I can add value to and/or force the appreciation myself.