Newbie from Astoria, NY

[Cheryl Vawdrey]

Hi!

Looking to start my real estate investment career with a 1 bedroom condo in Queens (Rego Park, Kew Gardens, Sunnyside) or possibly NJ (Weehawken, West New York).  Interested in pre-foreclosures, short sales or other ways of making my money stretch as much as possible.  

Quick question:  is there a general rule of thumb for down payments on investment properties?  Is 20% the ideal or another figure more the norm, so you could, for instance take the 20% for one property and divide it for down payments on 2 properties with 10% down for each?

Thanks,

Cheryl 

[Chaim F.]

Hi @Cheryl Vawdrey, welcome to the Bigger Pockets community! Yes it's possible to pay 10% down payment it just depends on your negotiations with the seller and on the mortgage, if you'll look around here you can find a lot of threads about mortgages with low down payments.

Good luck!