Talked to Rocket Mortgage recently........
Hello Everyone!
Was recently told that I need to make a 20-25% down payment on a rental property. Told them I was interested in making 3-5% down so I can have funds to make repairs.I asked about FHA. They said FHA isnt available unless you live in the property for one year. Told them not going to live in it just fix and rent out. How am I supposed to invest in my first rental if I have to drop 25% of my savings on just the down payment? (Probably 40k). Don't feel comfortable risking what took me over 5 years to accumulate