What can I afford with $35k?

[Benj Ecker]

I'm looking for my first deal. Conventional lender who pre-approved me is a REI himself said 25% down payment on an investment property is standard. And they won't do a loan under $75k (since closing costs would be over 5%). So that puts me at $100k minimum purchase right there for a conventional loan.

Let’s say I have $35k I could invest. With the math above that puts me at a ceiling of $120k ($30k down payment plus closing costs).

Is that right? Would I really be stuck with a window of $100-120k?