Hey Isaiah! Highly recommend looking at househacking. It requires a lot less down and also tends to be a bit more forgiving over time. You can check out the BP books on househacking and I'd also look at out of state investing as well to get a better grasp on the key people you need!
Hey Isaiah, congrats on taking the leap! Buying your first rental can feel overwhelming, but once you get through the first one, everything gets easier.
Here are a few ways to get started:
House Hack with an FHA or VA Loan – If you're open to living in the property, you can buy a duplex, triplex, or fourplex with as little as 3.5% down (FHA) or 0% down (VA if you qualify). Live in one unit, rent out the others, and cover most (or all) of your mortgage.
Conventional Loan on a Single-Family Rental – If you’re buying purely as an investment, expect to put 20-25% down with a conventional loan. Cash flow is tight in some markets, so run the numbers carefully before jumping in.
Seller Financing or Assumable Loans – Some sellers are open to creative financing, meaning you might be able to put less down or get a better interest rate than today's market offers. Also, some loans (like FHA & VA) are assumable, meaning you can take over the seller's low-rate mortgage instead of getting a new one.
Mid-Term Rentals for Better Cash Flow – If long-term rental numbers aren’t great, look into renting to traveling professionals, medical workers, or corporate tenants. These often cash flow better than standard leases, especially in cities with high property taxes.
Would love to help however I can—DM me if you want to chat more about your first deal!