Hi everyone I am looking to get some advice from those of you who are already investing in property. I have saved $40k in my savings account. My question is could I invest with just $40k or should I wait longer and save more? I was planning on getting a small multi-family type of property in san antonio, tx.
If you have good credit and consistent income with at least two years of history you can definitely pull the trigger! Depends on your goals but as long as property cash flows and you feel comfortable then do it!
Are you planning on buying as an owner occupant or as a pure investment? As an owner occupant, there are lending programs that will let you put very little down, and $40K should be plenty. As a pure investment, you'll typically need 25% down, plus cash reserves after closing when buying multifamily. You may need to continue to save if it's the latter.