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Updated 2 months ago on . Most recent reply

User Stats

14
Posts
14
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Guenevere F.
  • Property Manager
  • Seattle, WA
14
Votes |
14
Posts

Is $23k Liquid Reasonable to Start Section 8 Investing in OH?

Guenevere F.
  • Property Manager
  • Seattle, WA
Posted

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! 🙏🏼

  • Guenevere F.
  • Most Popular Reply

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    Drew Sygit
    #2 Managing Your Property Contributor
    • Property Manager
    • Royal Oak, MI
    5,371
    Votes |
    8,743
    Posts
    Drew Sygit
    #2 Managing Your Property Contributor
    • Property Manager
    • Royal Oak, MI
    Replied

    @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.

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