Updated over 7 years ago on . Most recent reply
Getting Started: First Move
Hello everyone, I am brand new to the BP community and am currently strategizing my entry into the real estate investing world and was hoping for some suggestions as to my next move. I currently own a single family home in Thornton, CO which I live in with my family and rent the basement to a good friend (which pays half the mortgage). I'd like to purchase a rental property but do not currently have enough capital for a down payment to do so. I'm considering purchasing a new home to live in with my family (and roommate) with a 5% down payment, and then renting out my current residence. This would get me "into" an investment property sooner than saving up enough for a 20% down payment that most lenders require for an investment property. Should I do this or wait until I have enough capital to purchase a rental property with 20% down? I have about 55K in equity in my home currently. I'd appreciate any guidance and/or advice any of you may have. Thank you.