How can I get started in real estate investing with less than $3,000 saved?
I currently live in St Paul, MN. I have 6 months until I graduate college. I’m 27 years old. Work full-time. Single, living with my cousin. I do no own a home. I wish to start in real estate investing but am unsure how to begin and how much start up cost would be. I am willing to put in the work and time to achieve passive income. Please what would you recommend?
Hi Tim: Thanks for writing on our forum. That’s great that you’re graduating from college soon and want to start investing in real estate. Acquiring your first property is exciting and can be very rewarding, however, it can get costly. You have a few different options, you could partner up with someone that has the funds for a down payment on a property and then you could fix it up and split the proceeds when you sell it. You could see if you can get approved by a hard money lender with the current amount you have saved or you could take a more hands off approach and invest in a REIT or real estate crowdfunding. If you decide to partner up with someone, here’s some more information on how to start a house flipping business. The costs vary greatly depending on the location you want to purchase in and if you’re financing the properties or paying all cash.
Best of luck,