Down payment for a duplex

[Jose Zamora]

I’m 19 years old And still currently living with my parents and only paying my personal bills. Also I am a fire fighter as well and I’ve heard I can get some pretty good discounts when it comes to purchasing a home.  I’m interested within the next year in buying my very first duplex. I was wondering how much should I save within the year as a down payment. I’ve heard 20% is usually the right amount. i’m just looking for any advice out there. I want to start house hacking. Just need to be pointed in the right direction.

[Jaysen Medhurst]

Good on you for getting started so early, @Jose Zamora. Start by talking with your local banks and CUs and learning about their first-time homebuyer programs. You can probably get into a primary residence with as little as 3% down. While FHA may be an option, I recommend using a low-down payment conventional mortgage, if you qualify.

Next start focusing on finding and analyzing potential properties. Get set up with a local RE agent so you can see what's hitting the MLS. I would actually focus on 3- and 4-unit properties. Much more likely to cash flow. This is interesting. Here's a fourplex.