New investors getting started

General Real Estate Investing
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New investors getting started

Peter Rocafort
Member since 2026 · 2 posts · 1 vote

Im located in st.paul, I have about $20k saved up and was planning on getting a duplex with an FHA but I don't have the 2 full years at my current job. Any recommendations on how I can get started or put to use the money I have.

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  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    3mo
    Quote from @Peter Rocafort:

    Im located in st.paul, I have about $20k saved up and was planning on getting a duplex with an FHA but I don't have the 2 full years at my current job. Any recommendations on how I can get started or put to use the money I have.


     Hello Peter and welcome to BiggerPockets!

    Your options will depend on the price and income potential of the properties you target.

    There are banks that will lend to borrowers with less than 2 years at their job/industry BUT the down payment requirements could be higher than FHA's 3.5% minimum downpayment.

    Furthermore, the interest rate for alternative loan options could be substantially higher than what you'd pay with an FHA or conventional loan.

    I'd recommend speaking with a lender to discuss your options in more detail.

    All the best!

    Abel

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  • Jake YuskaitisBusiness Member
    Lender · New Jersey, USA · Member since 2022 · 254 posts · 67 votes
    3mo

    What's the price point?

    $20k for an investment property doesn't sound like enough for DP, closing costs, and reserves.

    [email protected]551-287-6884
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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 968 votes
    3mo
    Quote from @Peter Rocafort:

    Im located in st.paul, I have about $20k saved up and was planning on getting a duplex with an FHA but I don't have the 2 full years at my current job. Any recommendations on how I can get started or put to use the money I have.


    You're actually in a good spot with $20K saved. The FHA house hack route is a great strategy, but don't let the job requirement stop your progress. Use this time to sharpen your deal analysis, build relationships with lenders, agents, and investors, and keep stacking cash. The right preparation now can make your first purchase a much stronger one.

    [email protected]614-418-6081
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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    3mo

    I'd consider saving more for a property. Between down payment, reserves, and capex, it's a little thin unless you have a good job where you can save a lot monthly. 

    [email protected]
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  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    3mo

    Hi Peter,

    If you don't quite meet the employment requirements yet, I'd use this time to prepare. Keep saving, learn how to analyze deals, build relationships with lenders and agents, and get familiar with your local market. That way, when you are eligible, you're ready to move quickly instead of starting from scratch.

    I'd also talk to a few lenders now. Every situation is different, and they can tell you exactly what you need to qualify and whether there are any options based on your employment history.

    You're in a good spot with $20k saved. Sometimes the best move isn't rushing into your first deal, it's making sure you're fully prepared when the right opportunity comes along.

    All the best! Feel free to reach out and connect with me - my DMs are always open!

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  • Adam TafelBusiness Member
    Real Estate Agent · St. Paul, MN · Member since 2017 · 592 posts · 403 votes
    2mo

    Has a lender actually told you you don’t qualify? Plenty of folks get approved with less than 2 years, it’s the small business owners and contract workers who generally need to worry about this. If conventional lenders can’t help, try a smaller local bank like Citizen’s Bank, Bell Bank can also get creative.

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