The cash you actually need for your first rental

Most first-time investors underestimate how much cash it takes to buy. The down payment is the obvious piece, but closing costs, first repairs, and property reserves come along with it.

Start with what's really available: total savings, minus a personal emergency fund you never touch, minus known near-term bills, minus any high-interest debt you should pay off first.

From that, set aside money for first repairs and a reserve fund for the property. What remains, divided by your down payment percentage plus closing cost percentage, is the most you can pay.

Try it with the Acquisition Budget calculator on this site. The full course walks through three households with three very different answers.