i am just starting out and have 20,000 available for investing and live in worcester MA. I was wondering what people would do if they had 20,000 to invest in realestate right off the bat. Any ideas?
$20K in the greater Boston area? Wholesale.
Keith
here in detroit i buy a house for 13000 spend 7000 to fix it up and rent it out for 625 i have done 3 so far i will be closing on my 4th by friday
pretty good cliff, you’ve found a good niche.
i usually spend the $5k on a deposit and then wait for a few months
while the house is being built. then i get 100% financing and use 5-6k
to carry any vacancies. I’ve been buying in utah.
2 of the houses i bought 18 months ago have done extremely well!
Are these in “war zones”? What zip codes are these properties in? Thanks.
48223
Sounds like I need to fly to michigan.
Cliff, how is the rental market up there, considering the auto industry? What are ppl doing for income to sustain $675 rents?
you need to be careful about investing in detroit if you don’t live there.
for one, over the past 20years the average population and job growth has been negative. The median salary has also been dropping, which means white collar jobs are replaced by blue collar jobs[and tending to no collar jobs!]
also, i don’t know the exact technical term, but every year there’s 1 night when mobs of people go around vandalising and torching vacant property.
Consider SW Florida pre-construction homes. a 4br + den can be purchased with as little as $3,500 down if you can qualify it as a 2nd home, or as little as 5% down with the right to assign your contract if it is a purely investment property. Home price is $279,900 (includes a half acre lot) with closed comps in the area at $310,000 or higher. 12 to 14 month build time on these.