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Updated 3 months ago on . Most recent reply
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Is $23k Liquid Reasonable to Start Section 8 Investing in OH?
Hi All!
This will be my first investment property. I currently live in Washington State, and am looking to invest in OH, providing housing for Section 8. I’m a full time property manager in my 9 to 5 and manage 138 doors. I’m wondering if $23k of my own liquidated funds is reasonable to start looking for an investment property? Any thoughts and comments welcome as I am very new and open to learning from seasoned investors. Thank you all! 🙏🏼
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- Property Manager
- Royal Oak, MI
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@Guenevere F. you're going to need 20-25% down to get a mortgage.
If you target $100k, that won't leave you any funds for closing cost, maintenance or emergency reserves.
You could try targeting around $80k, but the $16k-$20k down payment would still not leave you with enough.
If you buy under $80k, you're probably buying such a low-end property that it is unlikely to meet your performance expectations.
- Drew Sygit
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