What Would You Do With $15K-Starting Out

[Dennis L Lewis Jr]

Thanks to a family friend I have $15K  to use towards my first real estate deal.  I was thinking about using the money to fund a house flip to hopefully bring in a large enough profit to pay back what I borrowed and have enough to fund my next deal.

I could buy and hold a property, only draw back is it will take a little longer to pay back the funds. In taking the FHA route and with me searching for SFH I would have to live in the home for a year before selling ( I think?). I may need to look into some creative alternative options. Curious to see what you would do.

So in perspective to your area, what would you do in my position? 

Any and all insight is appreciated Thanks!

[Rob Drum]

@Dennis L Lewis Jr I agree with @Steven Loveless 100%

Here's exactly what I would do if I was single, a couple years younger, with 15k.

1. Get my RE license as fast as possible. (~2k)

2. Go to every REIA I can. (~100)

3. Buy the top 5-10 investors at the REIA lunch, and find out how I can work for them in my spare time (nights and weekends). I wouldn't ask for ANYTHING in return. You'll get everything you need just by being around them. ($80)

4. Once I got my license, I'd be my own first client. Buy a 3-4 bed house or condo in a hip area where I could get roommates. Or, if the multifamily market was good in my area, find a small multi. Put the minimum down. Or even nothing down if I could.(~3k)

5. At this point I''ve spent about 5k and probably 3-4 months. My housing is paid for by roommates, I'm a licensed real estate professional, I have mentors to guide me, and I've still got about 10k.

6. With the rest of my money I'd weigh my options. By now, I would know what I like doing, who I like working with, and a good bit more about RE in general. This could take you a lot of directions.

-You could put a down payment on another rental. 

-You could market for wholesale deals. 

-You could market for listings as an agent. 

-In Birmingham, you could even pay cash for a house with 10k.

That 15k can take you a LONG way relatively fast, if you're willing to hustle.