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Updated over 8 years ago on . Most recent reply

Eric Hernandez's profile image
Eric Hernandez's profile image
Eric Hernandez
  • from Knoxville, Tennessee
  • Member since Oct 26, 2016
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Eric Hernandez's profile image
Eric Hernandez's profile image
Eric Hernandez
  • from Knoxville, Tennessee
  • Member since Oct 26, 2016
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Eric Hernandez
  • Knoxville, TN
2
Votes |
5
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Starting Out

How much should I save for my first rental property?

Eric Hernandez
  • Knoxville, TN
Posted
Hi everyone, So I am looking to buy my first rental property sometime next year in Knoxville TN. I have been saving up money, but I'm not sure how much is enough for my first buy. If I were looking to buy a house that cost around 100k via FHA loan, how much money should I have set aside? Thanks, Eric
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Lauren Stamey's profile image
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Lauren Stamey
  • from Raleigh, North Carolina
  • Member since Oct 31, 2016
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Lauren Stamey's profile image
Lauren Stamey's profile image
Lauren Stamey
  • from Raleigh, North Carolina
  • Member since Oct 31, 2016
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Lauren Stamey
  • Raleigh, NC
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Lauren Stamey
  • Raleigh, NC
Replied

Eric Hernandez At very minimum, FHA is going to require around 3.5% down, plus you need to think of closing costs, agent fees, insurance, taxes, and cash to cover vacancies.

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