High student loan debt/high income low savings

[Jacob Paredes]

Hello, I am new to real estate investing and I waa looking to get into out of state rental properties. I was interested most in the BURRR method and holding long term. I don’t have much savings about 10-20k but my income is high 10k avg and self employed. My credit is not bad 670-700. I am wondering if anyone has any advice or words of cautions for my situation. Also if anyone can suggest a good way to get a feel for how much a rehab should cost without doing one let me know. Thanks 

[Bryce Litwin]

You will need to have saved, at minimum, enough for:

1) 20-25% down payment 

2) closing costs

3) insurance 

4) holding costs (taxes, utilities, etc)

5) Reno budget with at least a 20% cushion 

6) some cash reserves

7) travel expenses

Sounds like you're still saving for a down payment at this point...