Updated almost 4 years ago on . Most recent reply
What is a good rule of thumb for how much to have saved up?
I'm ready to move beyond analysis and actually acquire my first property. If I'm setting my goal for a property that's 100k or less would the ideal amount to have saved up be 36l? I figure that would handle 25% down and any and all closing items.
Most Popular Reply
Moderators note: If you are a real estate agent please refrain from "I can help" and "message me to talk" type of posts. This is considered self promotion and is prohibited in the forums. He is asking for advice on saving money, not soliciting for real estate agents.
Personal opinion: Saving up $36K for a $100K house purchase is reasonable. Working within your wife's comfort level is important. My wife and I never lived in a property we rented. We have added properties one at a time, saving up down payments. I know it is a boring and slow investment strategy, but it worked for us. Taking action is the key to successful investing. Good for you!