18 Year Old Investor

5 Replies

I am 18 years old and have around $25k with a 675 credit score. I have been reading and researching real estate for a while now and plan on buying an investment property ASAP. My only problem is finding a lender to give me a loan to finance a deal. Is there a way I can find any  private lending willing to lend under my circumstances: I have work history (16-18) but my parents won’t co-sign on anything I do. I plan on buying properties under $100k and using section 8 to get guaranteed rent income. Any advice on helping me find a lender? Thank you!

Hi Zachary, 

So proud of you for what you are doing. I wish I had this mindset at your age. 

Do you have a steady income?

How many lenders have you spoken to? You have to sometimes be very very persistent in real estate. 

I will also suggest you house hack your first property. You might get a better chance at getting pre-approved for a loan if it was a personal residence. You can put down 3.5-5% down. If you can make it a duplex it will be great. IF not, then the more bedrooms you have the better. You can rent all of those out, make extra income, gain some experience owning a home and show lenders you can be trusted with a home loan.  

Congrats on getting started! 

I agree with @Nandy B. you need to be persistent and speak to several different lenders/brokers. Also, if you know someone who may be interested in partnering with you on your first deal, put together a small business plan so they know how serious you are about this, and include a couple property examples so they can see the actual numbers. Good luck!