Just starting out: Could I use Prosper to finance the 3.5% (10-15k) for my 1st property

[Marci H.]

I am just starting out in REI , and without going into too many details I'm somewhat starting over, so I don't have the 10 -15k yet needed for that downpayment and closing cost on a property I really want to purchase. I is a multi-unit (4) and I could identify one of the units as a primary residency (I think, going to take a look at the property) so I may be able to qualify for 1st time home buyers incentives? But for the remaining closing costs and fees I thought that I could use Prosper after doing a little research on their lending amounts and eligibility requirements. I have joined an REI's group locally where I am and signed up for one where I want to move but I don't see how I would be able to connect with anyone before moving there. I am looking for a mentor more so for the purpose of knowing how to assess and contract matters that make me uneasy. I have read, researched and networked but doing it is what I need experience.

When I read Brandon's article on starting out about trying to find a multiunit to begin with so that it can possibly pay for your mortgage on that property, that's the path I was on so it confirmed what I set out to do and so I did. Now how do I finance, before asking friends?

Initially I thought that I would wholesale to build my funds before trying to purchase but I really want to try for this property (I think) [yes i know I shouldn't fall in love with a property,so they say]and if not this there is another that is should be able to purchase approximately 35% below market value. So figuring this out as an option will help me either way. Thanks thousands

[Michael Olesky]

Some food for thought, if you don't have money to buy the place, what will you do when you own it and have things break?  I've replaced two AC's this year which cost around 13k total.  One was for a rental that i've owned for a few years, one was for a my primary residence and it broke down just about a month after closing.   

For me to be comfortable, i need to still have a solid 10k on hand that can be spent on the house after closing.  This money doesn't come out of my families emergency fund.  So if i loose my job, have a vacancy and have an AC break I won't loose it all. 

Newbies focus on what it costs to get into a property, but the real concern is what it costs to stay in the property over the length of the holding period.  I'd like to buy another house right now, but even though I have the funds to acquire a property, i don't have the funds to maintain the unknowns of a property after I own it, so I watch and wait for now.