10k$

[Jay Yiu]

I have only 10k in my pocket. But i like to invest on rental property for long term. I dont know how and where to start it. If you were me? How do you do it with that 10k? Any advices from pro?

[James Klafehn]

Study your area.

Make sure your credit history is sold!

Make sure your personal finances are in order.

Once you have done all of that, start looking for houses in your target area. In my area 3-4 unit houses are your bread and butter. Find out what makes the most money in your area and find one.

You probably will want an FHA loan because you only need to put down 3%.

Buy the place, clean it up, rent it up and start collecting checks. Buying a house is expensive (lawyers fees, upfront tax payments, upfront insurance payments etc). Once you get all your bills paid and your house is rented you can start thinking about another one. Dont grow to quick though. If the house has differed maintenance make sure you address that FIRST before you buy a second one.

When you are ready you can refinance the first house to a conventional mortgage and use the FHA program again on a second house. Then you do it all over again.