How to Buy a House for Almost No Money Down - Secrets of the Rich
Channel: Short and Long Term Investing
Date: 2020-08-01

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What is the cheapest way to get into a house? In short, put 3-5% down.

Housing prices continue to rise and most people believe that you HAVE TO put 20% down. However, it may be in your best interest to only put 5% instead. 

A 5% down payment is much easier to save, and it gets you out of renting. Yes, you have to pay PMI, but you only need to pay that until you get a favorable equity position of at least 20%. If your rent payment is 1700 per month, you can get into a nice 400k condo in Los Angeles for about $2200 per month. You start building equity in something and you don’t have to save up $75-100k for a downpayment, all you need is about $20k.



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