New Investor Here - Any Advice?

[Ryan Lane]

Hello,

I've just recently started using BP and I thought I'd reach out incase anybody has some solid advise for a new investor.

I live in the Metro Detroit area and I sell real estate as my full time profession. Because of my profession, I know quite a bit about real estate in general. I've done a lot of learning/studying when it comes to the investing side of RE but I am having a hard time figuring out if I should wait to invest or find something now and/or possibly partner up with another investor.

I currently have $30,000 that I can use toward an investment property. The longer I wait the more money I'll have (obviously.) There is not a lot, in my opinion, that one can do with $30k. My original goal was to save $100k for an investment but it doesn't seem to me that you can do a whole lot with that either. 

A traditional mortgage is not an option right now but might be after I pay all of my 2017 taxes in January. So, I've been looking for LC's but not much is available without needing more money than I have. I'm very excited about whats happening with the city of Detroit and the surrounding area and I'd really like to take action.

I should also add that I'm not a fan of single family homes but rather multifamily properties.

If you've got any solid advice, please feel free to share.

Thanks.

[Melissa Kirchhoff]

@Ryan Lane - To me, personally, let's say you can get a start in SFH (maybe then the 30k might work or go further in your area) then do something like BRRRR. That way you can refi (let's say in Jan when you have the new tax return) and pull the cash out, and keep moving up until you can easily get into those MFH.

To me, that's better than waiting and it gets you in the game and gives you the experience on a lower level before moving up.

Or, if that's not what you want to do, probably partnering up with someone who has the daytime job and W2 would probably be a good option if you can find that!