Posted by Dick Chelten on November 30, 2004 at 18:23:01:
Nate:
I’m sure I speak for many others on this site curious as to how you purchased 24 properties this year with just $20,000. That’s the real appeal to this site; fellow investors sharing thier stories. If you conduct your discussions off the site, you shortchange others your great experience. I hope you will consider sharing to the group as a whole.
$20,000 to invest? - Posted by Jerry
Posted by Jerry on November 30, 2004 at 12:00:54:
I have been wasting my time letting $20,000 sit in a mutual fund as it has made me NO money in 10 years. I also have $50K in available credit cards w/perfect credit. I have decided to take this money to invest in real estate. Preferably, I’d like to make a quick return (i.e. a foreclosure flip or rental prop. I can get below FMV). The problem is I have no experience in this field and the more courses I look through, the dizzier I get. If someone can offer me a step by step way of making money on this $20K (and possible credit availability I have), I would greatly appreciate it. Thanks.
Re: $20,000 to invest? - Posted by Dustin-OH
Posted by Dustin-OH on December 03, 2004 at 18:17:40:
Jerry,
My associates have a lot of experience in this area. We do 50+ houses a year. An easy thing for you to do is pay 15-20k cash on a bank foreclosure (use credit card for 5k in fixups). Call a a few local realtors and they should know of a few on the MLS. Have a sub contractor look at the property and give you an estimate on fix up on the property. Normally 5k max would be ideal. And then sell the property below market value (example: $45k in a 60k neighborhood) for a quick sale. It is going to cost you nothing to have a realtor work for you. Also, they will be able to tell you what houses are selling for in the area. I am not sure where you are from, or the prices of RE in your area, but there are tons of deals out there. Also, have you ever heard about private lending? I deal with passive investors who give us $10-100k to invest in real estate and we give them 10-15% (simple interest) return per year. This also might be an option for you if you don’t have time to learn to do deals but want a secure return on your investment. Please contact me. I would love to talk about your situation with you and give you some additional tips. Email me at Dscaffide@yahoo.com
Re: $20,000 to invest? - Posted by nate baker
Posted by nate baker on November 30, 2004 at 13:02:28:
send me an email at nbrealestate@comcast.net. I started out like you and I now have 24 properties - all purchased this calendar year.