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Updated over 6 years ago,
Best way to start with 25k
Let me paint this picture for you. I've just graduated college with my masters degree and have landed a decent job in the Dallas area. I've started to realize that without much more schooling, I will never be able to make enough in my career field to make me satisfied. I've started looking into ways to build my wealth outside of my career. I'm very fortunate to not have any college debt or car loans to deal with and I have a decent amount of savings (in my opinion) of about $25,000. I'm very interested in the opportunities available in real estate and have started doing a lot of research into this subject.
I understand that $25,000 isn't "a lot" of money to start out with, but i feel like it may be enough to put down for a loan on something. My question is what would be the best way for me to use this money to start out my Real Estate career? I'm very interested in multifamily units, however i'm not sure how practical that is with my starting capital. Should i try to find a partner to match with me and try a multifamily? should i stay by myself so i don't get taken advantage of and just try to buy a smaller single family unit? Is this amount of money even enough to start this way or are the other expenses and fees going to pull me under? and if so what do you recommend doing to get me to the point of making my first purchase? I'd like to have some decent cash flow, but i'm more interested in the building wealth through equity. I feel like this is the way i will be able to build my initial investment up to a number that will allow me to expand into a business. Is this true or am i jumping to a wrong conclusion here? Is it even worth jumping in with that low of an initial investment or should i try to save up more so i can make a bigger first purchase? Any advice is welcomed!