Young College Student Looking for Advice to Make First Deal

1 Reply

Dear BiggerPockets,

I'm new I've always wanted to do real estate but recently made the commitment to decide to take action this year with my first deal being a house hack with a multifamily property.

I'm a 21 year old junior in college. I have around 25k in cash and I have around 680 credit score (currently improving) with a part time job (20 hours/week). I want to actively work towards my deal as fast as possible but i'm unsure if I'll exactly be able to qualify for a conventional loan with my lower score and lack of a full time job. The second option is seller financing but I'm not sure how exactly that process works. If anyone has been in my position or has any advice on how to get started I would very much appreciate it. I really want to pursue financial freedom and I know the 1st deal is always the hardest step.

Best Regards,

Brian Tran

Hey Brian, welcome! I have been in your position or very very close to it. I had even less money than you and sunk it all into my first deal (not quite what I would recommend looking back). Day two I had to replace a water heater at my own expense but it gave me a chance to learn since I could not afford to pay anyone else to install it. I ended up doing a FHA loan and only putting down 3.5% on a duplex. I lived in the back unit and rented out the front. I had a good credit score but my income was horrible at the time so I got a family member co-signer. A ton of learning happened that first year, money with mistakes on my part. With this one leap of faith I was able to buy 4 other properties from deleveraging this first one. Good luck with the house hacking!

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