Hello all. I am looking for a way to turn a small fortune ($10,000.00) into a big one. I have read some books on investing and such, but still dont know which way to go(stocks? bonds? investment broker, which company is best, etc) and what would be the smartest move to make with this money? I have also entertained the thought of purchasing a house, and renting it out to make income? How does one start? I basically want my money to work for me, instead of the other way around. I appreciate any valuable advice.
2007-01-12 00:41:24 · 8 answers · asked by 22UF 2 in Business & Finance ➔ Renting & Real Estate
Check with local banks and savings and loan institutions for distressed houses. A bank cannot loan money on a repossessed house unless it is up to code. Frequently, all a house needs to be resellable is a new roof.
You may make a conditional purchase of the house, make moderate repairs, or have them made, but get estimates first, and then borrow the money from the bank for the value of the house.
Bridge financing is used for renovations of houses in distressed conditions.
After you complete this, you may actually pocket some money, and rent the house, or sell it for a nice profit.
Bonds will not make fast money, unless the interest rate declines, and then you can re-sell them. Stocks can increase or decrease in price, and are very risky place for all of your investment capital.
Yes, 10,000 is enough for a down payment on a house if you have income.
2007-01-19 22:05:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Something like 90% of small businesses fail in the first year, leaving the owner broke, and in debt. I think that this happens because people get into a business that is more risk than they ought to take on.
If you really want FAST money out of your $10k, then I think you're out of luck. However, there are ways to make money with only $10k to start.
If you're going to use the whole amount to get started..... make 100% sure that it's something that you know ALOT about. If you've been a Realtor, or construction worker or loan officer for the past 15 yrs, then maybe you can make good money at flipping houses - I talk to "Investors" all the time who know nothing about real estate and think they'll make a fortune.
Figure out what you DO know about, what you have a love for, and what drives you to make money (it has to be something more important than "I wanna be rich and have bunches of stuff!") Then find a way to make money at it - and don't risk any more than you're willing to lose.
I am in network marketing myself. Start up cost was under $600, and invest about $50 per month back into the business. As it grows, I'll add more. It's not for someone who needs a living wage "Right NOW", but I'm developing a residual income that will continue even after I stop working at it.
Contact me if you're interested. It's a top quality nutritional supplement (the only one in the Physician's Desk Reference) and a solid, fair compensation plan.
2007-01-12 11:15:46 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
You don't have enough to purchase a house.
Bonds do not make a lot, but you don't loose anything either.
You might be able to find a small business for sale for that amount. There is one of those drive thru espresso places for sale where I live for 10k. (I am thinking about buying it)
Stocks are great if you have some time to wait. Since you don't have enough to loose I would stick with slow growth stocks, old established companies.
2007-01-12 08:55:26 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Payday loan is always not a good idea to get fast cash. APRs are very high, and there're many scam websites. But if you can't get money from anywhere else then you can apply for it. I know a trusted payday loan lender, where bad credit is ok. You can check it out below.
http://maxtelechargements.com/finance/payday-loan/
2014-06-17 09:37:54 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Well you need to ask yourself , is this investment short term or long term. because short term investments rate of return are less than long term. stocks and bonds you need to research each investment. Or you can open a IRA account( long term) in mutual funds. I like your thinking " I want my money to work for me" that is the key to success
2007-01-18 17:36:04 · answer #5 · answered by monch75 2 · 0⤊ 0⤋
There is no such thing as fast money. Buy a lotto ticket, it only cost a dollar and a dream.
2007-01-12 09:13:04 · answer #6 · answered by strtat2 5 · 1⤊ 1⤋
buy stock in google
2007-01-19 13:50:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋