New member in Syracuse New York

[Eric Brandenburg]

Hey everyone,

I am a Physician Assistant in Syracuse, NY and looking to buy my first house in the next 6 months. I want to live in this house for 6 months - 1 year and then rent the property. Looking for a 3 bed 2 bath that can be fixed up. I have never bought a home before and am curious to how much I should use as a down payment: 7%, 10%, 20%? Any suggestions. Thank you. 

[Jay J.]

Welcome to BP @Eric Brandenburg !!You have already set yourself up for success by joining BiggerPockets!!  This is really the premier place to start learning about RE and what it can do for you!

For an 'investment only' property, most banks will want 20%/25% down. If you live in it first, you can get away with as low as 3.5% (FHA).. so it depends on what you're trying to do!!

1. First things first, learn the basics --> http://www.biggerpockets.com/starthere

2. Then, download the BiggerPockets Ultimate Beginner's Guide and start reading some more!!
The UBG will will walk through many of the key topics of real estate investing. Ask anyone here, its an invaluable resource. --> https://www.biggerpockets.com/real-estate-investin...
3. Once that's done, get to listening to the free BiggerPockets Podcast - A really great podcast with interviews and a ton of great advice. --> https://www.biggerpockets.com/renewsblog/category/...
4. Now you're ready to face the RE world !! Good Luck