Investor · Morgantown, WV · Member since 2016 · 34 posts · 8 votes
10y
There are a lot of other factors that come in to play in this question.
Are you someone who has zero alternative income, and simply 10K in your checking account looking to spend it all?
Do you have another source of income along with this 10K? Lenders want to see that it's not a risk that they give you money. The more money you're bringing in, the more money lenders will give, leaving you more opportunities to earn additional income at a staggering rate.
What do your other financials look like? Debt-to-income ratio, credit score, 401K balance, etc. These are all going to be taken into account by the lender.
Sacramento, CA · Member since 2016 · 5 posts · 1 vote
10y
Andrew Fredrickson I basically saved 10k over a period of time. I currently work full time, have ok credit (working on my score day to day), and saving about 10%-20% of my pay. I want to buy and hold RE and collect rent and over time accumulate enough to live off my rental income. I hope this makes sense.
Investor · Morgantown, WV · Member since 2016 · 34 posts · 8 votes
10y
You could buy a owner occupied home and rent it out. If you have no other mortgages the bank will let you buy an SFR and you can use it as a rental. Just be sure to register it after the first year as a rental. Keep in mind RE taxes will go up after this.