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Updated over 13 years ago on . Most recent reply

Mike Nelson's profile image
Mike Nelson's profile image
Mike Nelson
  • Wholesaler
  • from Washington, D.C
  • Member since Aug 4, 2011
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Mike Nelson's profile image
Mike Nelson's profile image
Mike Nelson
  • Wholesaler
  • from Washington, D.C
  • Member since Aug 4, 2011
Connect
Mike Nelson
  • Wholesaler
  • Washington, D.C
94
Votes |
449
Posts
Buying & Selling Real Estate

How much capital should I have saved to start investing in rentals???

Mike Nelson
  • Wholesaler
  • Washington, D.C
Posted

I'm pretty new to REI but my question is, after wholesaling a couple of deals, how much should I have saved up in the bank to purchase my first rental?

I've already done a little research on rental properties and I'm aware of the ROI on your initial investment as well at the 2% rule.

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Dan Schemerhorn's profile image
Dan Schemerhorn's profile image
Dan Schemerhorn
  • Real Estate Investor
  • from Elmira, NY
  • Member since Sep 19, 2011
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Dan Schemerhorn's profile image
Dan Schemerhorn's profile image
Dan Schemerhorn
  • Real Estate Investor
  • from Elmira, NY
  • Member since Sep 19, 2011
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Dan Schemerhorn
  • Real Estate Investor
  • Elmira, NY
5
Votes |
51
Posts
Dan Schemerhorn
  • Real Estate Investor
  • Elmira, NY
Replied

I like free and clear also but when I started I had No Credit No Money, and No job. BUT I was still able to buy for no money down rehab a few and wholesale to build some cash.

Bottom line is it depends on how much of these three resources you have more of. Time Money Or Sweat.

Dan Schemerhorn

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