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Miljan Vukovic
  • Chicago, IL
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Single Family Home Investment Plan

Miljan Vukovic
  • Chicago, IL
Posted Sep 8 2019, 14:55

I am looking to start in real estate by buying my first rental property. I am hoping to receive some guidance on the following plan:


Currently saving approximately $3,500/month and will be at a total of $22,000 in savings by the end of the year. I am looking to purchase a home with a mortgage in the price range of $55,000-$75,000 with $25,000-$30,000 in repair budget. The home will be renting in the range of $1,100 - $1,300. 


My question is, I am trying to decide if I should consider waiting to save enough so that I can buy the home and pay for the repair in cash, or if I should go the route with the mortgage. 

The future goal would be to refinance on the home and use the refinance loan to purchase a second and so on. 


If anyone has any experience in the above, it would be great to connect.

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