Investing for newbies

[Christopher Middleton]

What can I do with 15k cash between the surrounding areas of Austin and San Antonio ? what would any experience investor due with this cash ? Is this enough to get started as a newbie what do you guys think ? single family , duplex , 4 flex ? I heard about an FHA, 203k loan any advice will be much appreciated

[Kevin Romines]

My advice would be to go buy a 2-4 unit using and FHA loan. Have the seller pay all your closing costs and if your successful negotiating that, the $15,000.00 you have will allow you to get into a property worth $428,500.00 Plan to live in one of the units. Make upgrades as you can. Or if you want to do upgrades or a rehab right from the start, then buy it with an FHA203K.

The FHA203K allows for the purchase and rehab of the property all with 1 loan. You still could purchase a property and do the rehab up to $428,500.00 and have the seller pay your closing costs. Your total out of pocket costs would be the $15,000.00 you have. You get to immediately count the rents coming from the other units which helps you qualify for such a large purchase price.

If you need a referral in your area, let me know, I have people near you that can get this done for you.