First Investment Property... What do you think?

[Tony Williams]

Hi Guys,

I have been MIA the last year due to moving and switching companies which has put a hold on my investment goals. However, I am more settled now, at the end of my lease, and want to pull the trigger on our first investment property and would like your input and advise.

The intent is to buy the property (condo), live in it for 2-5 years while we renovate it and save money for another property, and then lease it out.

In such a situation, is it recommended to put the minimum down, or the typical 20% down? The difference between the two options, including PMI, is only around $50/month on a 30 year conventional loan.

Also, is it recommended to include the rehab costs in the cost of the loan, or pay for them with cash outside the loan?

Please let me know if you need any other information or have any other advise.

Thanks so much,

TW