I have $50,000 - What do I do first?

[Jeff Licciardi]

Hey All,

I have $50,000 and little fear of getting started.  I just don't know what to do first.  I've started getting emails from wholesalers and haven't seen anything that appears to work for me.  Although I wouldn't say I'm good at analyzing deals...

So what say you? I either want to flip or BRRR... I do not want to buy and hold something that doesn't need some work. Should I go in on this alone? Find a partner? Any suggestion/direction would be greatly appreciated.

[Jeremy Taggart]

@Jeff Licciardi Well if you aren't good at analyzing deals I would say first you should get good at analyzing deals and then take action. Getting educated prior to spending your money on real estate is super important to minimize mistakes as much as you can. If you want to flip or BRRRR and $50,000 is what you are working with you will probably need to find a partner because most houses unless they are in a warzone are going to have a higher all in budget than $50k. I would use that money for a down payment on a quality property maybe a multi unit if the prices allow where you live. Try to find something that has a value add component whether it be updating to force appreciation or something that is mismanaged that you can go in and easily raise rents fairly quickly. I wouldn't buy something that needs too much work to start off because you don't want to get in over your head.