Amount of Money/Reserves

[Jacob Benninger]

Hey Gang,

I am looking through some numbers this afternoon and seeing what properties I could possibly afford. The average price of apartments, based on a quick scan of zillow, in Albany, ranged between 150,000-200,000. I can get a mortgage with 5% down at 3.25%. 

This translates to a down payment between $8,750-10,000. I currently have savings of $12,000. My question is reserves. Should I wait until I have more money before I go ahead and buy a property?

How much money do many of you consider a safe place to jump into a new rental?