I am young and completly new, how do I get financing?

Question

I am 18 and have 4 grand. I would like to buy a single family house and rent it out, but don't know who will take me seriously or back me with enough money to start .

Sandra Holt · Answer

I concur with @Elizabeth  Colegrove .  The first townhouse we bought, we rented out the basement.  We outgrew that space and still have it as a rental.  When we moved into our current residence, we rented out the basement again until we could grow into it (and feel comfortable with the full mortgage payment).  This last property that we bought, we're also renting out the basement apartment.

As far as financing goes, you could check out rent-to-own (seller financing) deals.  That's how I got into my first townhouse when I had no money...  Some of those properties are listed on the MLS and some you can find on Craigslist.  If you do go this route though, make sure you have an attorney draft the paperwork.

Elizabeth Colegrove · Answer

Have you thought about "house hacking". Buying a personal property and renting out the rooms is a great way to get started :) Your building equity, able to buy a house under first time home buyer programs. Depending on your income and salary history, you might need a co-signer.

Anson Young · Answer

Check out Brandon's book on investing with no or low money down.  He has purchased a bunch of units with little money down, so I'd consider him an expert.

Zach Mercer · Answer

Thank you so much guys, I really appreciate it.

Brian Gibbons · Answer

If you are a veteran in OH,

1. get a VA loan for low-no money down or

2. do a lease with option or

3. a land contract for 3 years.

4. See a Mortgage Loan Orginator to get an idea of your borrowability

5. and an attorney for paperwork.

6. Then get roommates and save money monthly.

Semper Fidelis.

I am young and completly new, how do I get financing?

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