24yrs old, 20k to invest, what would you do?

[Vince Impellizzeri]

Hi folks! I'm just getting into this real estate investing thing, and I'm looking for advice. I live in suburban Grand Rapids, MI. I work two jobs for a total of about 50 hours a week. My wife and I are in a stable financial position, and I have about $20,000 to work with for investing. I have no current investments. I'd like to get into rentals, single or multifamily, and my goal is financial independence in about 10 years. I'd love to get advice from some of you who've been doing this for a while about what YOU would do at 24 years old with $20k for your first investment property(s). There's a ton of options out there, and while I'm not afraid of taking some risk or putting in elbow grease, I want to make sure I start out right. Thanks in advance!!

[Jay Barndt]

Hi @Vince Impellizzeri, Welcome to BP and the REI world i wish you the best of luck in your goals and adventures in the business, and to give my opinion to your post, if i had your situation i would be light years farther than i am. i would be watching for properties FSBO (for sale by owner) and preferably multi family. (duplex + ) and make some offers on ones that the numbers look good for cash-flow and if they want a little down payment . Bang! you actually have it. just having some money to use for a down payment or initial repairs *if needed* among other things that may pop up is a great position to be in, you could also use that money for a loan down payment but the more you invest and grow the less friendly banks are,. but with your mind set and goals being similar to mine i am positive you will succeed, good luck in your REI adventure and i hope in the future to see the path you take, sky is the limit.

Jay,