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Down Payment Size for Long Term Rentals
Hi, I'm looking for advice on purchasing a long term rental. Real estate continues to be high where I am located and when I calculate the mortgage payment with 20% - 25% down, it only breaks even with the rent I could collect. My question is, would a down payment at 40% or more be realistic for this type of acquisition? I assumed I could cashflow for 20% or more, so I want to see if I need to adjust my expectations based on the experience of others. Thanks.
I could not find this specific question looking through the first half dozen pages of results when I searched in this forum for this question.