Hey Guys,

I’ve been saving up some money to put a down payment on a property but I’m really new & not sure if I should wait for more as this is just enough for 20% down & doesn’t leave much head room. I have another several thousand in savings if needed but not much for repairs.

I want to get started immediately but don’t want to make the mistake of jumping in too early and not having enough capital.

Any advice helps! Thanks.

Maybe find some cheap rentals in your market. I have some here that start at 15k with tenants already in them. 

Originally posted by @Chase Woodard :

Hey Guys,

I’ve been saving up some money to put a down payment on a property but I’m really new & not sure if I should wait for more as this is just enough for 20% down & doesn’t leave much head room. I have another several thousand in savings if needed but not much for repairs.

I want to get started immediately but don’t want to make the mistake of jumping in too early and not having enough capital.

Any advice helps! Thanks.

Hi Chase, 

My recommendation would be use FHA loan with only 3% down, look for a Duplex or a Triplex, live in one while rent out the other 2 (for free). Learn how to manage it yourself (this would be your first step or higher a property management; however, you prefer). I have 5 units under the belt but still learning. Hope this will motivate you a little LOL

@Jason Dicken

Why ? Please

Originally posted by @Romel Sanon :

@Jason Dicken

Why ? Please

I figured that since he had 20k he could buy a cheap rental that already has a tenant in it to start small under 20k and also have a passive income until he banks more money to either sale or upgrade to something different.  

@Jason Dicken

I mean where can you find something for 20k with tenant?

Originally posted by @Romel Sanon :

@Jason Dicken

I mean where can you find something for 20k with tenant?

 I have one that I can sell you here in Evansville with a tenant at $450 a month

@Jason Dicken

How much? Please PM me the address so I can look at it