I have been reading forums for the last couple days now, but wanted to get some fresh opinions. Before you start investing in RE I would assume you want some amount of cash as a safety net put away. How much would you suggest to put aside before attempting to purchase my first property?
Then with little capital I would be looking to put XX% down. Again, I'll be a first time buyer, what would be some good options for down payments, about how much should these properties cost total?
@Josh Gordon welcome to the site.
The cookie cutter answer here is 6 months of reserves. This would be enough to cover all the expenses of the building for 6 months. It would be very prudent & responsible of you to make sure you have this amount. However, did I have that when I started? No not at all. It worked out well for me but my risk tolerance was high. I knew this is what I wanted to do & was not willing to wait.
So depending on the building this could be quite an investment in itself.
What were some of the best reads or advice/tips you received along your Investing Career?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing