Best Way To Start Investing With $5,000 Cash
I have $5,000 cash and want to start a career in real estate investing. What are some of the best ways to start. Also my credit is not good so credit is not an option. I understand that I have relatively litte cash and no credit but I would really appreciate some ideas on how to get started.
Brooklyn is a tough place to get any of those sub-2 or 0 down deals to work. Although, I know a story about a guy who bought a warehouse in Williamsburg about 5 years ago (before it became hot) I think on Metropolitan Ave., from a guy who was about to go to prison. He boguht it for about $20K, enough so that the guy could pay his bail, he converted them to lofts, and now he rents 4 full floor lofts for $2500 a month each. Farm, hit the streets, look around, talk to people, you find anything, let me know.
I would say invest in your education first, but why are sub to deals hard to do in Brooklyn
Listen, five grand won't cover much in the big apple. However, just two hours north is an area to be watched. In addition, how do you feel about partnering with someone?
I don't know how much reading you have done on the subject of R.E., moreover, let me suggest that you acquire as much reading material on this subject as possible.
I disagree with all of you. $5K is plenty to do a deal with in any city.
I do agree with investing in your education before you invest in any property, however, no money down, sub to, or very little money deals can be done anywhere....if you know what your doing.
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Thank all of you for your replies
I am currently reading everything about real estate investing I can get my hands on. What I am interested in finding out is
some of the ways experienced investors would take this money and invest it. Keeping in mind I won't be able to obtain credit the conventional way.
I would do sub to deals with the money. I bought a $200K house for $5k.
Really, you don't need money at all to do deals.....If you have the know how, people will give you money.
Rehabs
L/O
Sub To
Apartment Buildings
and the list goes on and on.....you don't need your money.....you do need the education to pull them off though.
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Have you considered partnering up, I am also in the NYC area, PM if you consider this option as well.
NY Developer,
I may be able to help you. I have 2 partners in the Bronx in similar situations. Drop me a PM with a contact number, and I will let you guys get together.....
Prosperous investing,
td