Starting Out
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated about 4 years ago on . Most recent reply

is it enough? or keep grinding?
I have been kicking around the idea of rental properties for about a year and some change now. I had a couple goals i wanted to meet before diving in though. well, goals met. i currently have about 10k saved up and mid to upper 700's credit score. realistically, is this a good place to start or should i grind the paycheck a little harder and save a little more?
Most Popular Reply

@Anthony Friday one year of payments on a primary residence will probably not be enough equity to make it worth the closing costs of a cash out refi to boost your funds. Most investors in your position go with hard money loans to get in on a deal with the cash is dry, but here you have to be careful about your numbers. Make sure the property can rent out at a high enough price to repay the hard money loan as well as the mortgage, cover expenses and taxes, and still bring you cash flow. If those numbers don't work keep grinding and saving and keep a keen eye out for other deals.