What funds for first rental property.

[Brandon Tilson]

I'm 35 years old. I have 0 debt. My house is paid off and is worth around 150k. I'm looking to buy my first rental property. My income is around 80k per year with my 2 jobs. My wife makes 45k. We have enough in savings to buy 100k rental but would deplete savings. Spoke to lender today and was informed I can take 110k load on my house and use that to invest or can wait to continue building saving and pay out of pocket. Lender informed me all rentals have to have 15% down and at that point would do 20% to avoid PMI. What do you think is the best option. Thanks for any advice.

[Jordan Fulmer]

Sounds like you're in a great place financially! What I would do is pull a HELOC on your personal house to have access to quick capital on houses you intend to BRRRR. For turn-key houses, you can go the traditional route and put down 20%. Obviously, that will eat into your savings, but it sounds like you can afford a few of those and start a nice portfolio!