Updated over 9 years ago on . Most recent reply
Bare Minimum for Down Payment in Indianapolis
Hi Everyone,
I'm looking to invest in Indianapolis and want to set a goal for how much money I need to save up to pay for the down payment.
I'm looking for A-/B properties and I've been noticing that many of the ("good properties") range from $90k - $140k+. Of course, I'd rather go for a lower price, but I'm well aware that cheap isn't always the best way to go...especially with such an important investment like real estate.
My point is that I've been told to save up to about $20k or so and then from there I can start "playing around with real estate". What is everyone's thoughts on this? Would love to hear what you think.
Since I'm super brand new to REI, I don't want to mess around with creative financing yet. I'm looking to purchase a property "the regular way" first--get pre-qualified for a loan, put 20% down, do my research and due diligence, move forward on a property, and develop a strong relationship with my property manager. Down the line, I definitely want to explore creative financing options. Thank you!