Experts...how Would You Spend $10K?
I'm new to the forum and grateful to all for the terrific info.
Just curious if any experts would weigh in with their opinions on a $10K investment.
If you had $10K and mediocre credit, where you you invest? 2subs? Rehabs?
Rentals?
Many of us have some money, but not tons of it. Thanks for any input.
-JQ
It all depends on what you are looking to do. If you had 10k and o.k. credit, I'd probally invest in rental properties. Find a propery with equity (most likely an investors property for sale) and then take out a loan providing the cash flow will cover the mortgage, taxes, and put money in your pocket. If all these factors are present, you have a good deal. IF there is enough equity off the bat, you can tap into it and use it for a down payment on anoth erproperty, and just keep rolilng equity for new properties.
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Sub2's require no credit and very little money.
Short Sales, Wholesales, Rehabs, and many more other methods require no credit and very little money. okay okay, you rehab people may spend your own money sometimes, but go get a private loan.
If you've read the forums and articles and still don't know how to spend the 10 grand......I still say invest in your education first and devise a plan. Figure out which avenue interest you and then invest in getting the best training you can in that area.
Education education education.....just don't become an educated fool. Learn it, learn it, and then do it.
Oh, and by no means do I consider myself an expert. I just had to chime in[ Edited by nebulousd on Date 12/09/2003 ]
JQ,
I would put my money aside and act like I don't have it. Having a lot of money is often a stumbling block for many newbies. The depend upon their money to do deals.
I started with absolutely nothing. I had to learn to do deals with nothing. As a result I can always do deals. Those who learn to do deals with a lot of money will eventually run out of money if they keep buying homes with it. And if they don't know how to do deals without money they will stop dead in their tracks. I've seen it happen often.
The one with the knowledge to do deals with no money is far better off.
Keep your $10k for a rainy day, or that killer deal that requires it. Your goal should be to preserve your cash and build it.
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