Updated over 5 years ago on . Most recent reply
20% down, but not job...
I have recently been furloughed due to the covid-19. I have enough in my 401k to put a 20% deposit down for a duplex in my city, but only getting unemployment right now. My rent is more than the mortgage would be. I found a duplex that’s a perfect fit for what I’m looking for. Should I wait until I’m working again or does it make sense to put the 20% down and start my real estate journey?
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@Jason Clark I would recommend waiting for your job to start back up and give it six months of additional savings before you dive in to real estate. It is a very smart move to get into but I would have everything buttoned up well with reserves. in case you lose a job and or a tenant! Hope that helps!