Buying first investment property

[Senad Salihovic]

hey everybody 

I am buying my first investment property soon. I found a great deal a couple streets down from my house. It just came on the market a couple days ago. 

I am wanting to buy it and rent it to my mom and brother(they currently live with me and pay rent) they will pay less than what they are paying me now. 

Here is my situation. I don't have the full down payment yet, I do but its cash at home that I would have to wait 3 months if I put it in the bank. 

I have 6k in my bank account that I can use, I need another 5k i was going to wait 2 months untill I dave that 5k. But this house just came up and it's everyrhing I bern looking for and the numbers look great. 

I no this house won't last 2 months. I need to come up with 5k fast sow I can buy it. 

I have 60k equity in my current home I was wondering If I should use some of it as down payment. 

If I take out 5k from home equity would I be able to use it right away or would I have to put it in the bank and wait 2 to 3 months?

Please help:) 

Any other ideas are more than welcome. 

[Steven J.]

Honestly, I would be hesitant that its a killer deal. If Louisville is like any other large city in the area MLS listings are generally over priced and don't last very long. I may be wrong, so please inform me.

Personally, I wouldn't rent to family because I would see it put a strain on the family relationship eventually. I'd rather avoid any chance of that happening. 

I would wait the two months and build up your reserves more. Just because there is a golden deal today doesn't mean there won't be one tomorrow.