Lender wants 6k in reserves for investment loan?

[David Stone]

I am looking at purchasing a duplex for 80k. I have 30k in equity on my primary residence. I am going to use this for the 20% down. This would be my second property. The lender I got my first mortgage through is saying I need 6k in reserves to meet the criteria. I only have about 2k in the bank since I have been fixing up my primary residence. She suggested maybe to check out a local private bank? (I Only make 22k annually after taxes and I am 20)

[John Chapman]

David, it sounds like you need to meet conventional financing requirements for reserves.  These are not particularly onerous, and, quite frankly, are probably a good rule of thumb to follow.  If you've got only $2000 in reserves right now, that's a little scary and you should not be buying another property. ($2000 wouldn't even cover a new HVAC system.)   I realize you're young and excited, but requiring reserves is not only a prudent lending practice but also a prudent investing practice.