$ 10,000 in Cleveland, Ohio

[Bobbie Dancy]

Hello my name is Bobbie Dancy I inherit $10, 000. I'm new to investing and live in the Cleveland area a want to BRRRR multi units. I want to get to quads. I don't want to do it by myself, however I want at least understand deals, the art of the deals. Where should I start? Who should I know? How to search for deals? What am I looking for when comparing the 2% 50% 70% rule.

[James Wise]

Originally posted by @Bobbie Dancy:

Hello my name is Bobbie Dancy I inherit $10, 000. I'm new to investing and live in the Cleveland area a want to BRRRR multi units. I want to get to quads. I don't want to do it by myself, however I want at least understand deals, the art of the deals. Where should I start? Who should I know? How to search for deals? What am I looking for when comparing the 2% 50% 70% rule.

You'd need at least $50,000 or $60,000 in cash to pull off a BRRRR. $10,000 just isn't enough cash to get a deal that's so beat up that you can BRRRR it out. You need to buy highly distressed real estate to do a successful BRRRR. If I were you I'd look to use my $10,000 as an FHA down payment on a duplex. That'd be the move as you can get some nice duplexes in the $80,000-$120,000 range. All of which would only require 3.5% down.