I'm 23 years old and currently living with my parents working odd jobs, have an associates degree (in liberal studies.. yay), 0 debt and perfect credit. I've always wanted to get involved in real estate and would like to try making a living as a landlord. It seems to be a desirable path, especially with long-term loan rates being 3-4%, and with the inflation of the dollar it seems like a good idea to take on fixed, manageable debt..

Anyway, I have about $15k in cash saved and would like to travel and look up different cities that seem to have a healthy pulse to them, currently looking at Indianapolis as an example. What I want to know is, if I move there and get myself an established job history, with a 20% down payment and a proven income of ~$1200/mo, is it likely I could be approved for a 15yr loan?

Keep in mind I don't want to work minimum wage forever, my thinking is if the economy tanks (who knows what's going to happen in the next few decades - the length my loan would be) then I'll be able to cover payments no matter what, because minimum wage jobs are the least scarce jobs out there. If I can do that and establish myself with real estate and start generating cash flow, THEN I'd be comfortable with more traditional methods of leverage, however to start out I really don't want there to be any snags.

I'm looking at a place like this:

http://www.realtor.com/realestateandhomes-detail/6...

Looks like a B average neighborhood?

Assume the location and everything else is ideal, just for example.. if Realtor.com's numbers are accurate then a 15yr loan (they include prop. tax, insurance, and HOA) would be $524 a month. Min wage nets at least $1000 per month, this seems enough to cover the loan as well as utilities and other things. I don't plan on owning a car and already live very frugally/boring. Naturally I'd also be renting the house out, but I'd like to be able to cover all costs myself to keep this plan concrete.

Any thoughts? Am I crazy for wanting to do this? I realize it's a long-term commitment at first and I'm okay with that. I'd also be working at getting a better job (thinking of taking on an apprenticeship), I'm just curious if this min. wage theory can work and would like to establish myself in a town I like first, rather than having my career dictate where I live. Any criticisms would be very appreciated. Thank you!

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