A Guide to Buying Your First Rental Property - Alterra Advisors
: Plan to have 15% to 25% for a down payment. On a $200,000 property, you may need roughly $55,000 total to cover the down payment ($40,000), closing costs ($6,000), and mandatory cash reserves ($9,000). buying and renting out property
: Banks often require 6 to 12 months of mortgage payments held in reserve to ensure you can handle vacancies or emergency repairs. A Guide to Buying Your First Rental Property