Updated almost 8 years ago on . Most recent reply
A good starting point.
Hi my name is Tj from around the Philadelphia suburban area and I’m just looking for some information regarding money needed to jump start my real estate investing career! I plan on house hacking within the next two years, now that includes saving enough money for down payment, closing costs, repair cost, etc. Just looking for some insight on how much cash I should have before jumping into my first property! For example say the down payment needed is around 8,000. Any and all help is greatly appreciated.
Most Popular Reply
Welcome to BP from a fellow Delco member! It really depends on the property and the type of financing you're looking for. If you're house hacking you can qualify for an FHA loan with only 3.5% down. You can find a turnkey property that takes all your savings or find a fixer where you can use less down money and have some savings for repairs. It really depends on how you want to jump into this pool.
Good luck!