Advice on first buy with low funds!
Hey guys! I'm sure this has been asked in the past and I have read a few threads that help but just thought it would be better to ask and get your opinion on my specific situation.
I am wanting to buy my first single-family rental property this year and need advice on loan strategies. I have some really good opportunities in my area to buy great homes for little money and rent. They typical property I'm looking at is 3/1, 1000sq.ft. brick rancher, 1960's - 70's, asking $35k - $50k depending on the situation. This particular house would rent for approximately $800 in this area. I have done my homework and feel very confident that this is a good investment for me to start with.
The problem is, I have talked to some of my mentors who have been doing this for a long time and they said, typically, the banks/credit unions in this area want 20%-25% down for an investment property. I am 28, been married for 4 years and have a 7 month old daughter and do not have $10k - $13k just laying around to buy one of these properties. I make decent money and feel confident that I could cover the mortgage payment for a few months if need be but if would take me quite some time to come up with that kind of money to put down.
Any suggestions??