How much cash did you need saved to feel comfortable purchasing your first property?

[Isabel Anness]

I realize this question is incredibly vague and depends on a whole plethora of factors…

In general, what benchmark or criteria did you use to feel financially “comfortable” investing in real estate? I graduated last May and would love to begin my real estate investing journey as soon as possible,  but struggling with landing on what I need saved up to feel like I am making a financially responsible decision.  With about 6 months of big girl work under my belt, I am trying to  build my liquid cash savings for an emergency fund, down payment, closing costs, etc. 

I would appreciate any and all thoughts on when you felt like you had “enough” to get started.  Thanks all in advance and looking forward to the discussion!

[Nathan Brown]

Lender, shmender! Most people know in general it's 0% down for VA, 3.5% down for FHA and 20% down for conventional. As you've already stated in your question, the rest of the money you want to save up for is entirely dependent upon your personal situation and which house you buy. You will likely need as much as 2% of the purchase price for closing costs (bearing in mind this could also include up front expenses like a house inspection and appraisal). That's my bare minimum "benchmark": down payment + closing costs. You will also likely have moving expenses and incidental house upgrades and repairs as well. I didn't feel like I had enough at the time of my first investment, but the opportunity presented itself and I took the risk anyway. You're in for a wild ride, but it's worth it. Good luck!