Best Option for First Time Investor with Little Money

[Miya Bullock]

This is a question of what you would actually do.

If you only had $6000, which would you choose and why? Can get decent houses around the area for a low price. Credit score is fair.

1. Keep saving money until you at least have $10,000. Also, maybe better deals will come along by that time.

2. Owner finance a house that is in good condition with a tenant (actually preferred) for $24,000. *Potentially in a flood zone. 

3. Buy a house that is also tenant occupied but for $16,000 that could use some updates but still in decent condition. Cash only.

4. Buy a house that is $25,000 that may or may not have a tenant when you purchase but in good condition.

5. Buy a house that needs some work but has a nice setup and spacious. Currently asking for $24,500 but they will more than likely come down on it to $20,000. This is your favorite house based on potential but will be biggest investment based on work to be done. Not sure to sell or rent out.