Updated over 4 years ago on . Most recent reply
New to the site and REI, Washington state local
Good morning everyone! I am new to REI and bigger pockets and figured I'd start by saying hello! I've read several books and watched several videos on investing. Just need to take the jump. After I save up a few more grand.
Most Popular Reply
Welcome :) You might start by doing what I did 20 years ago and am still doing - flipping mobile homes in mobile home parks. Why? I'll give you 3 quick typical examples.
1) Purchased home for $5,000. Pretty up for $3,000. Total in $8,000. Sold for $24,000.
2) Purchased home for $10,000. Pretty up for $10,000. Total in $20,000. Sold for $40,000.
3) Purchased home for $50,000. Pretty up for $50,000. Total in $100,000. Sold for $170,000.
Mobile homes in parks are personal property, not real estate. Bought and sold like a car. Fast, simple, investment level choice, outstanding profit margins, not a lot of competition (most investors have no idea how or why this niche housing segment works).
Take the cash you make and invest in income producing real estate :)