Jared S.,
It's great to see you here, on the BP site, looking for insight to take your first steps down this road!
Some very good ideas shared here. I personally think you have a few directions you can go...and one of them, in my opinion, holds more weight than others...so here goes:
1. If you have $15k...you can learn how to wholesale...spend a few bucks on marketing...and earn some money helping connect investors and rehabbers with properties they can improve. If done right, each $1,000 you spend can bring you in $3,000 or more. (This is the way I started out...but...be cautious...because without experience, you can also spend a lot more than you make per deal in the early stages!)
2. You can try to purchase a place on your own, either through the MLS, directly with a seller, or through the tax lien/foreclosure process. There are some great ideas above about this. This will give you a place to get down and dirty and work to make something happen. However, this may also pose the greatest risk if something goes wrong, you buy wrong, or if you run out of capital during the improvement stage.
3. You can partner with a more experienced investor/rehabber...and use your time and effort, in addition to a few bucks, to partner in a deal or so. You may not obtain the biggest bang for your buck from a cash-on-cash perspective right away...but the value of the right pairing here could potentially be priceless!
Looking back...I personally would have followed #3.
I have learned my lessons...made some money, lost some money, made some back...but in my opinion...partnering from the get-go with the right person would have been a preferable route for me.
Just my 2 cents....I still love the fact that you have this community to learn from! I wish I knew about it when I started out!
Stay prosperous!
Bryan
