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Updated over 2 years ago on . Most recent reply
How much money should I have for my first rental?
Hey!
I want to buy my first rental this year and I want to start ASAP. The thing is that I don't know how much money I will need, beside of the obvious costs of the rental itself.
Is there money I should have besides the money down loan amount, or not? Also with the BRRRR strategy, how much money would I probably require for say a 150k SFH?
Thanks for your answers!
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Simon Huber so I measured getting started with how much money I had at the time. I did not wait, I just went for it. Which is why I started with $30,000 properties. If you do want to start at this price point I would suggest targeting $15,000 and then make your offers so that you only come out of pocket lower than that amount. Ensure you have lenders that can help with the BUY and REFINANCE step and as mentioned above, know your holding costs. Hope all of that makes sense.