Financing The First Deal

[Asher Knudson]

Hi Bigger Pockets Community,

I'm just starting out and I think I may have found my first deal that I'm planning on buying and holding. It is sort of a fixer upper though. It's a home built in 1945 in Minnesota. I'm looking for financing options and I'd like to see what people think as far as what path I should take.

The home is a SFR for $50k and I'm estimating that my renovation costs will be $30k. If I can pull off those numbers I should be able to cash flow quite comfortably and have a nice cash on cash ROI.

I'm trying to swing a deal where my out of pocket cash is no more than $3000 and if it's even possible to go any lower. 

Any suggestions would be greatly appreciated. Thanks!

[Aaron K.]

not really possible unless you do an FHA 203k but it would have to be owner occupied. Even most HMLs will want you to have some money down