Best way to invest 30k

[Anonymous]

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@Anonymous wrote:
I am wondering if there is a smarter way for me to invest this amount of money. I saved it up by buying and reselling cars and car parts. Generally 2-5k cars and make around 1-3k profit per "flip". Now I am at quite a large amount it feels slow flipping small values like that. More expensive cars take a lot longer to sell too. A 12k car I flipped for 14k took me 4 months, about 2 more than average.

I have no debt on any credit cards, rent/utilities/food/gas/insurance/phone only come out to 1300 a month and I make 2600 a month so a full paycheck also gets saved. I really would like to buy a house and get renters, but it is seeming like the smartest way is to do 20% down here in CA to keep rates low on mortgage payments and avoid mortgage insurance. I would need around 100k down for houses in my area that would be easy to rent out.

Any tips or ideas are welcomed. The general info I have seen online is Roth Ira, get a nest egg, CDs, ect...but those returns all seem to take a lot longer than what I generally get from flipping cars (around 1k a month in untax income).

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20% down is 100k so assuming ur saying house cost 500k so loan is for 400k with ur income u won't get loan.. DTI is too high. U will be paying close to 2000/month for loan payment

[Anonymous]

Well I have 45k now after some more car sales. It does get good return, but gets stressful after awhile doing so. I was wondering if it might be benefitial to buy a cheap house as a rental like a manufactured place. Around me manufactured homes sell for around 60-80k. I could get a loan on it and rent it out, with 20% down I would only be looking around a 500 dollar payment. Not exactly a place I would personally want to live at, but seems to be a good return. Also in talks with my realitor about possibly buying a flip property, new loans allow 90% est final sell value on fix-up or auction properties with the intent to sell them once upgraded. I have just never gone those routes before and it is all new to me. I feel a savings account would be too slow of a return even at 25$ a month. The tedieous process of car flipping yields around 1000-1500 a month right now. If I were to invest in something I would hope to acheive similar returns. 

[Anonymous]

Have you considered property farther from where you live? Or even relocating? I grew up in the Bay Area, my in-laws live in Santa Clarita. Property is crazy in Cali.

Moved up to WA state a couple years ago. Just closed on a two story, 4 bed house on 5 acres for $139k. In Napa county, it'd be a couple million $$$ property.

Another benefit of WA are the taxes/laws for vehicles. Two pickups and a car cost less to register each year in WA then ONE of my pickups in CA. My F250 cost approx. $250 a year in CA. Just renewed last night here: All three, plus a Discover pass for national forest access came out to $186. And there's no smog!

[Anonymous]

Yes I know how crazy expensive CA is with everything and I wouldn't really mind relocating to another state, but have no idea where to start. Throw a dart at a map and move there? Not sure if I should find a job, then find a house. Or find a house then find a job. Not sure about buying an investment place out of state in terms of managing it. I would ideally love to get out of paying someone else's mortgage since I am only renting a room right now. I can totally see myself having investment property after I get my first live in place, but right now trying to make moving out of renting a room my priority.

[Anonymous]

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@Anonymous wrote:
Yes I know how crazy expensive CA is with everything and I wouldn't really mind relocating to another state, but have no idea where to start. Throw a dart at a map and move there? Not sure if I should find a job, then find a house. Or find a house then find a job. Not sure about buying an investment place out of state in terms of managing it. I would ideally love to get out of paying someone else's mortgage since I am only renting a room right now. I can totally see myself having investment property after I get my first live in place, but right now trying to make moving out of renting a room my priority.

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The answer to that is easy.  Move where you vacation or would vacation.  If there isn't a place you love, take a trip around to 10 cities you think you'd like, then move to the one that pulls you in, you'll know when you get there it will hit you like a ton of bricks.  Ask yourself what priorities matter in a place to live?  Weather, people, cities, land, ocean, mountain, upbeat, laidback, etc, etc.

[Anonymous]

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@Anonymous wrote:

Well I have 45k now after some more car sales. It does get good return, but gets stressful after awhile doing so. I was wondering if it might be benefitial to buy a cheap house as a rental like a manufactured place. Around me manufactured homes sell for around 60-80k. I could get a loan on it and rent it out, with 20% down I would only be looking around a 500 dollar payment. Not exactly a place I would personally want to live at, but seems to be a good return. Also in talks with my realitor about possibly buying a flip property, new loans allow 90% est final sell value on fix-up or auction properties with the intent to sell them once upgraded. I have just never gone those routes before and it is all new to me. I feel a savings account would be too slow of a return even at 25$ a month. The tedieous process of car flipping yields around 1000-1500 a month right now. If I were to invest in something I would hope to acheive similar returns. 

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Mobile home isn't a good investment. Yes u said its 60-80k for say home. So let say u put 20k down loan 60k and u rent it out. U still need to remember u need to pay for cost of rent space and can vary from 500-1500 depending on where. So with that and loan payment the rent might not cover or barely covers it. Auction properties require 100% cash or u do hard money lending which is generally 10-12% interest and interest only payment. Which isn't good unless u remodel and flip and sell within 6 months. 

[Anonymous]

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@Anonymous wrote:
Yes I know how crazy expensive CA is with everything and I wouldn't really mind relocating to another state, but have no idea where to start. Throw a dart at a map and move there? Not sure if I should find a job, then find a house. Or find a house then find a job. Not sure about buying an investment place out of state in terms of managing it. I would ideally love to get out of paying someone else's mortgage since I am only renting a room right now. I can totally see myself having investment property after I get my first live in place, but right now trying to make moving out of renting a room my priority.

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Good luck trying to buy a house without last 2 years of tax return and last 2 months of paycheck stub. If u really wanna do real estate investment. U gotta know if u wanna do flip or long term investment. Flip u buy fixer and remodel and sell. Long term I would recommend buying 4 Plex and rent it out. Not sure which part of California ur in but Oakland California 4 Plex is pretty good. Elk Grove and Sacramento properties going up but still affordable. San Jose housing pricing is extremely expensive everything is 500k+