Lowell, MA · Member since 2015 · 10 posts · 0 votes
I want to get into the buy and hold rental properties sooner than later but I have no money to put down or none saved up. Should I jump into something or be cautious and wait to have some money saved in case something goes bad ?
Will you qualify for a loan that will allow you to get a duplex, triplex or quad with no money down with tenants covering the entire mortgage and then some? That would probably be the easiest way to start out with no money down. Of course you would have to live in one of the units.
Another option is to buy a house with 0 down and live in it for a couple years, rent it out and buy again. If possible, buy houses that have potential for almost instant equity.
Thank you thag does help I think I will be conservative and save up so I can buy my own house live in it and eventually rent it and move on to other properties as soon as I get good equity in it.