Options outside of tough market

[Steve Muise]

I'm looking to buy my first rental property and my market is daunting.

I'm just North of Boston and feel like it could be a few years before I could save 20% I have about 20k available now. 

Are there any markets within 6 hour drive that would be worth focusing on.

Kind of just looking for encouragement that its not impossible to start out in this market with less than 50k

[Ray Hage]

Quote from @Steve Muise:

I'm looking to buy my first rental property and my market is daunting.

I'm just North of Boston and feel like it could be a few years before I could save 20% I have about 20k available now. 

Are there any markets within 6 hour drive that would be worth focusing on.

Kind of just looking for encouragement that its not impossible to start out in this market with less than 50k

Being from Boston myself, I know 20k doesn't go far at all. Based on your family situation and expenses, it sounds like it may not be worth moving into your next property with a 3.5% FHA loan. You could also looking in a DSCR loan but at best case scenario you'll have to put 10% down and the rate would be high.

In case like this, you may want to consider finding a partner w/ more to put down and you putting the sweat equity in (if you have the time for that).