Need Ideas of where to invest extra cash

[Joseph Rios]

Hello BP community,

I have about 15k in savings. Where can I invest this small sum of money (compared to the loads you need in order to purchase an investment property)? I was thinking of getting my sister to buy a multifamily unit using a conventional 5% down loan and use me as a cosigner so she can qualify for more (I already used up my first-time-home-buyer-owner-occupied-5% down conventional loan). I live in NJ so any ideas are welcomed.

Thanks!

JR 

[Jeffrey Holst]

Options for @Joseph Rios

1) find a cheaper property, ie like 50-75K and purchase with 15K down (might have to go further from home but there are lots of properties that can be bought for 30-75K and most could be finance-able  

2) Look for owner financed property wiht owner willing to take smaller down payment

3) look at lease options/rent to own properties

4) keep saving until you have more to invest

5) partner with someone

There are many other ways to get in with 15K my first investment property I partnered with a friend we each put in $17500  and bought a bank owned condo for 30K and used the other 5 to rehab it.  We still own it today 7 years later and have had very little vacancy.  If it were my call though I would keep building cash and keep looking for properties that meet your goals.  As you get more and more cash saved up it will become easier to find something you can buy and since you will be continuing to look at deals your knowledge of the market will increase.