Looking to invest in my first rental property in the Cincinnati area. Any tips on where to start and how much money I should have saved up
If you plan to buy retail and you don't want to move your primary residence, look for the worst house in the best neighborhoods. You'll have to pay twenty- to twenty-five-percent down because it's an investment property.
An often more effective strategy is to move to a new house and rent the one you previously lived in. Then you have access to lower interest loans, only need to put down 5% and have the added benefit of shopping through your own eyes, meaning your future renters will be as comfortable living in the home as you are.
We've done that twice now, and it's been tremendously impactful. Best of luck!
You will need 25% for the down payment of an investment property (if you traditionally finance the property) and then you'd probably need an extra 10,000 for reserves because things always break. Be safe!
I agree with @Jody Sperling . There's real value in being able to get into a property for a lower down payment when you'll be living there. If you can add some value while you live there, you're building up the asset to get a bit more cash flow later. I'm in the middle of fixing up my primary residence to do just that right now.
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