Investing now or waiting for a larger down payment

[Samuel Nelsen]

Hello all, I am looking at buying my first rental property and I have a $20,000 down payment saved up for it. Is it enough money to safely use it to invest in a property out of state for my first time. Any advice will be greatly appreciated. 

[Caleb Brown]

You need more saved up. 20K is a 80-100K property (going the conventional 20% down route). In my market (which is a Midwest one) that is a D to C- area. The 20K also doesn't include closing costs, having reserves set aside and any repairs or make ready that is needed. I would look at house hacking or potentially owner financing. Definitely be careful of buying a property OOS using all your funds. Spend time now learning, saving and getting rid of consumer debt (if you have that). Attend meet ups and network locally where you are.