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I have ~$30k, would I have enough to put a down payment on a $200,000 rental property? Or do you need 20%?
College town, house is near campus. I could probably get $2200/month because it is a 5 bedroom. Average rent is ~$500. I'm assuming after property taxes, repairs, etc, it will pay for itself after 10 years.
Father would help me with renovations, right off the bat I would probably replace water heater and toilets, and get HVAC inspected.
I make $35k/year as a wage slave at the moment.
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>>1428412
buy farm land.
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>>1428443
Where I'm at that might get me 3 acres. I don't think that could get me anywhere close to $20,000/year.
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>>1428446
lol you almost definately dont have enough credit to get approved for that mortgage without a co signer
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You don't make enough money for the bank to agree to that, keep saving
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>>1428412
You need 20% for an investment property, 25% for a multi unit.
Hang on to 6 months salary as a cushion and get out of any debt.
Dont you think you're better served advancing your career to a living wage first?
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