Wait for more savings or start sooner

[Kelly Scheer]

Hi all-

I am new to REI and looking to buy my first property in the Chicago suburbs. Currently I have 20k in savings and a credit score in the low 700s...would you recommend going for a cheaper property with low money down to get my feet wet? Or should I wait, get more in savings, and get my credit score higher before I invest.

Thanks!

[Taylor L.]

Personally, I would not go for cheaper properties. I like B class, we get higher income tenants with a better ability to pay.

You could consider looking for a duplex, putting 3.5% or 5% down, and living in one of the units. If the numbers are right that can be a great investment. Also if you're open to having roommates, you can rent out rooms in your own home. Great way to get the income coming in