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Updated about 7 years ago,
New Member - Need Advice!
Hello Everyone! My name is Ryan and I live in Arizona. I'm graduating college in the Fall and was looking to purchase my first home! I should have about $60,000 saved up depending on when I buy it, could be more could be less. My question is, How should I go about buying a rental property as well as a home for my self? I understand rental properties generally require 20% down, but a home that I live in could require a 10% down payment. Should I try to put as little down on my home as I can to save up for a downpayment on a rental property? I'm looking at rentals around 200k and a house for myself around 300k. I'm looking to do this within a few years.
I'm currently just building my nest egg as much as I can, so I can put in place as much preventative measure as possible in case I can't find a tenant.
What would you do in my situation?
Thanks!