Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago,

User Stats

26
Posts
8
Votes
Eric Petersen
  • Rental Property Investor
  • Lehi, UT
8
Votes |
26
Posts

5% down or wait for close to 20% down on first property

Eric Petersen
  • Rental Property Investor
  • Lehi, UT
Posted

Hey all your smart people you.

Question on best ideas for my down payment on a mortgage. I am researching to get my first property. I qualify for 5% down and I almost have enough money to do that. Here is the dilemma. I understand if I wait until I have 20% down for a property I will avoid PMI, lower my mortgage payments, etc. I also understand if I get a property at 5% down I can lower my living expenses (no more rent since I'll move into the property and I will have renters in rooms to spread out the cost of the mortgage), get into a property that much faster, and get started on my dream of getting into buy and hold properties.

My question is, what in your experience would be the more beneficial idea: buy my property really soon at 5% or wait until I can pretty much pay the 20% down?

Loading replies...