First Time Home Buyer

[Morgan M.]

Hey BP, i'm looking to buy my first property and looking for some honest advice. The property is a 4 bed 2 bath South Austin. It is a pretty new build in amazing shape- I have the luxury of renting out to friends and can get 900 per room bringing the rental income to cover the entire mortgage with about $100/month to pocket.

The only issue is that i barely have enough money for the closing costs and 5% down... I know about the importance of reserves, but feel this is a deal I shouldn’t pass up given the current state of the Austin market. Does anyone have any tips or advice for this situation?