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Updated almost 7 years ago on . Most recent reply

Account Closed
  • Las Vegas, NV
0
Votes |
5
Posts

What kind of deal do you recommend for a beginner with $10k?

Account Closed
  • Las Vegas, NV
Posted

End goal: Accumulate enough revenue-producing assets (i.e. rentals) that I could quit my job (if I wanted to).

What kind of deal is practical for me to get into? If I can come up with $10k in cash and have good income and credit? I am curious to hear from seasoned veterans if you were starting over, with this situation, where would you start? And given I have no connections (as I'm starting out) deals are going to be less easy to come by as you.. so where would you start looking for your first deal? 


Thanks to any and all for your 2 cents.

Most Popular Reply

User Stats

204
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174
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Josh Dillingham
  • Rental Property Investor
  • Brattleboro, VT
174
Votes |
204
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Josh Dillingham
  • Rental Property Investor
  • Brattleboro, VT
Replied
I wouldn't recommend direct mail marketing if you only have $10k. you'll spend all your money generating leads and won't have any money to close the deals you find. when I started i had $12k saved up and bought a 3 unit property for $122k with a 3.5% FHA loan. this has allowed me to live rent free as well as cash flowing about $200 per month. I spent the first year and about $5,000 fixing up the property. it has worked out very well and has been a great introduction to landlording. with the cash flow and the money I was saving from not paying rent I then bought a distressed single family property for $15k cash I put $8k into it and refinanced the property for $74k. I am now using that money to purchase a 5 unit property which will generate about $1500 in monthly cash flow after all expenses and cap ex savings.

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