How Much Savings Should a Newbie Investor Have For First Deal?

[Seth Murray]

What's the minimum amount of money a new real estate investor should have in savings before buying their first rental property? Specifically for the BRRRR strategy on a single family residence. Any rules of thumb for this?

Even though you can use other people's money to purchase and rehab, it seems like you'd need a certain level of cushion for unexpected repairs, vacancies, or emergencies that might come up before the property has had enough time to build up its own cash reserves for such things.