Starting out with 30k

[Ryan Hernandez]

Hi guys, I am a Miami realtor and new to investing in rentals. I am looking for other investors who could advise me in great areas where I can invest to buy a cheap property to rent out. I'm talking about an 80,000 - 100,000 dollar property. If anyone knows please introduce yourself and state some great information. Thank you so much

[Ryan Hernandez]

Quote from @Scott Wolf:

Quote from @Ryan Hernandez:

Quote from @Hans Waisfeld:

you look like a young man, why dont you house hack a multifamily or a single family home and rent out the rooms or even airbnb? whats your goals and your idea? Miami is a great place if you can finance

 Yea I do agree that investing in Miami would be a smart move. Although I am very young and don’t have too much capital for something worth more than 100,000. And in South Florida i haven’t found anything. When I did come across a couple at 100,000 off market. They needed a ton of work. They also didn’t agree at a lower price because the properties were wholesale properties and had to charge me an assignment fee. My long term goal is to invest in a cheap single family home in a decent neighborhood. The reason for the midwest is because of how cheap it is. My problem is that I don’t know where in the midwest i should look at. Jacksonville serves as one of the only places in florida to look at although if you know jacksonville you know that the area is a very dangerous place thus making me hesitant to invest there. 

Not sure where in Miami you want to be, or your financial situation, but with 30K, you could find a MF in the area and qualify for a FHA Loan. Something worth looking into, especially since you already know the area and may be able to find a hidden gem.

Hi thank you for this recommendation. The problem is that I am 18 years old. I just started building my credit for the first time I just got my first credit card and I don't think I would be able to get an FHA loan since it requires two years of labor I'm pretty sure.