19 Year Old In need of assistance

[Eduard Tanasov]

Hi BP I'm a 19 year old college student who is also working part-time as a delivery driver at jimmy john's. I came across BP through my time "researching" YouTube. I have become in love with the concept of buy and hold. And I have a few properties that I'm looking at to start out but I'm still not sure how to go about on this. The properties that I'm looking at are in Knoxville, Tennessee near The University of Tennessee. So I'm hoping I can rent out these 2 bed or 3 bed to college students. Also the properties are around $76k-$90k and rent is around 750-850. I currently have $3,000 saved up. I just have some questions that I would loved to get answered and just some basic tips going forward. 1. Would $3k be enough down payment around 3% down, and if not what would be the minimum % down that I would have to put in. ( as a part-time worker and recipient of around $1k extra scholarship every semester I can't really save up much to get started) 2. When I find a property what are some questions that I have to either ask the realtor or owner about the property.( like how would I know if the light or water bill are coming out of my pocket or the tenant's and maybe any other expenses I should know about, so I could get a good estimate on the cash flow) 3. How to negotiate to buy for lowered than the asking price and how much are closing costs usually.

[Chris Eaker]

@Matt Bigach Do you realize how much of a barrier your suggestion is for people? $100k in the bank is EXTREME overkill. You need, at most, 6 months of expenses. On one rental property, that's no more than $15k in this market, and that's conservative.