Down Payment
Hello,
I am new to this forum and would like some guidance/ideas on how to approach buying my first property. I know this information is out there on this forum, but thought I would posy my own discussion.
I have recently begun looking for my first investment property, and have been faced with a decision. I am looking to do a buy and hold and continually increase this portfolio over the years. I have saved enough capital of what I first imagined would be my down payment, closing fees and a few month vacancy buffer. While looking for properties however, the ones in this price range all seem to need extensive work and repair (something I do not want to do on my first financed property). I have also found properties in a higher price range, that appear rent ready (with some already having tenants) and great cash flow (1.5-2%). I met a realtor who i've formed a good relationship with and is my direct access to MLS listings. The issue is, with my first straight investment property, i'll need to put 20-25% down and do not have that, along with higher closing fees, etc.
I am really eager to get into this type of investing, and feel as if It's the right time for me. Before I start asking family/ friends for this money, I am just researching on what options I have. I know a partnership is possible, but I currently don't have anyone I feel comfortable doing this with.
Wait for personal money (probably about 10-12 months out of just saving) or get creative?
I appreciate anyone's ideas. Thanks!