Best way to start out investing with $10K?

[Raeshelle C.]

How would you invest in your first rental property if you had $10K? I am going to get a personal loan so that I can get started. I want to buy and hold. I live in MA. I could house-hack first and do it through FHA and live there for a year, but I want to buy a multifamily that doesn't need repairs or else I'd have to do the 203K loan which seems to be more complicated, but I guess if it comes to that I'll get guidance from a buyer's agent who knows the whole process.

I know there's also owner financing or turnkey. My goal is to make good cash flow (after expenses) per month, and eventually, have 10 units at the least. And whatever path is easier to do a 1031 Exchange down the road. 

What would you do with $10K to start out investing in real estate with these goals in mind?

[Account Closed]

a few thoughts from my end reading through this thread:

1. Know what you are getting into, you're going to have to deal with problems. Property managers do not solve everything. Real estate is work. 

2. Understand your purchasing power. Leveraging yourself with the majority of cash on hand can leave you in a bad spot. You don't want to be one bad move from blowing up. 

3. Realize you can't have it all. I read about looking for a turnkey, maintenance free, cash flowing, easily financed property. They are rare.

4. Learn the difference between strategy and tactics. The strategy is to use real estate to increase wealth. 1031 exchanges are tactics to save on taxes (assumes there are capital gains to tax to begin with). 

Check the ego at the door with real estate, it's very easy to loose your shirt.

Good luck