First Real Estate Investment

[David Fals]

I am looking to purchase Real Estate. I have about 75k in HYSA and an Investment account combined. I also got 40k in my 401k.

I was thinking, should I invest in RE or continue to save? I recently got preapproved for $450k, and I own a primary residence (a condo that appreciated from $250-310k). I’m looking at PA, DE, CT, or MD, for multifamily homes (if possible). I'm based in NJ it's so expensive here. I chose those locations because I would like to drive to the property.

Is it worth it with less than $100k+ for a downpayment, plus closing cost, vacancy, renovations, etc Also, that's all my savings, which means my Emergency fund will be depleted. However, I have my job and side hustle still bringing in income. I'm so confused. 

How do you guys make that first investment?

[Nicholas L.]

@David Fals

definitely do not exhaust your savings.  it sounds like you need to keep saving.  don't believe the hype on the Internet.  most of us buy property with... money.  from our W2s.

are you in a position to house hack?  that would lower your down payment requirements - you could keep your primary as a rental, and move into a househack.  but if you're not in such a position, you're not.