I need some advice from those experienced in buying real estate

[Erin Gramling]

Hello, my name is Erin. I am determined to get started in buying and renting real estate. I live in an area where property isn't as expensive as it is in other places. I have found a couple very decent 2-3 unit duplexes in good neighborhoods that I am interested in. Some are even fully rented currently. They are not in need of any major renovation. They run about 30K. I thought it wouldn't be hard to get financing because I have a good job (nurse) and good credit 750 score. I have no problems qualifying for an FHA loan. But apparently they don't off conventional loans for 30k. I only have about 20k on hand and I really don't want to use that money. That's for emergency purposes or unforeseen circumstances. In fact, the bank told me they don't finance anything under 100K. So my question is, how does one get started? I will not finance anything large just starting out, I feel that would be very foolish. I could buy a home in the city for 10k with Cash (there are many) but It would be in a terrible neighborhood and need a lot of work. The work part isn't The issue. I just didn't want to start out with a dump, put a ton of work and money into it and still not have it worth much because of the location. So I'm looking for any advice. Anyone else have these issues starting out and how did you overcome them? Any insight would be greatly appreciated!