actually there's a really good method to do real estate especially when houses are that cheap. Its called the BRRRR method (buy, rehab, rent, refinance, repeat) which requires full cash purchase of a home that needs major(but cheap) repairs for far under market value in a neighborhood that has high property value. You'll rehab the home to proper conditions, rent out the home, do a cash out refinance and get all your money back, then repeat the process. Every time you'll be getting all your capital back to close on a new deal. Within one year you can expect to own 3 houses on average steadily increasing your cash flow to the point where you'll need a proper property management team. within 10 years you should be seeing 30 properties or you can consolidate and sell all properties with a 10-31 exchange to defer taxes into a big apartment complex instead for better margins and less management.
Also you can do creative financing or use hard money lenders to get you through your first house, you can pay back in full after the cash out refinance and keep the difference while owning the property aka using other people's money to make money resulting in an infinite ROI. The negotiations will be based on how good of a deal you get on the property so securing the financing shouldn't be too hard. Drawbacks to this method is no banks will give you a loan on an uninhabitable property which eliminates most of the best deals that you can make big money on with the rehab.
If you have audible, I can send you a free bigger pockets audiobook (that i already bought but i can share to friends) on that strategy, its about 13 hours long but you can learn a **** ton.
Interesting. Got any books etc in finances to start learning the basics lol? There’s a lot out there lol..
