Savings Amount for 1st Buy & Hold

[Kyle Wilkins]

Hello,

I have been working to get some personal items paid off before jumping into my real estate investing career and as this payoff is nearing completion I am getting ready to begin saving for my first rental property. While I've been working on my personal finances, I've been trying to stay as educated as possible so that when the time is right I am ready to dive in.

I'm very budget conscious and want to make sure that once I am ready that I am stocking away enough money for my first purchase and want to set an accurate timeline for it. I understand that there is not a finite number for a suggested savings amount and I know there are countless variables that go into any purchase. I want to make sure, however, that I am accounting for everything and that I have reasonable numbers going in. I'm considering SFRs in the $80-$100k price range in Indiana. I know that I need to account for a down payment (I do not plan to live here and do plan to put 20% down in case it is what the bank requires), any repairs needed (although I do hope to find one with only cosmetic repairs necessary), money for mortgage payments until the first tenant gets placed, and having money set aside for CapEx.

Is there anything else that I should be accounting for?  Is there a loose number that you would suggest as far as a savings plan prior to my first purchase? Any advise is greatly appreciated!