Greensboro, NC · Member since 2015 · 3 posts · 0 votes
Being a college student how do i go about purchaseing a starter or low cost property? Also how would i go about purchasing the products to renovate the house for resell at a good price?
Hello Deon,
I believe that you first need some work history to buy a new house and maybe try to get a multiple family house with an FHA Loan... Or if your state or city provides it do the first time home buyer program. So your biggest foe I think is going to be your work history. You can also approach a multi family that pays itself off with a 25% down payment, some banks won't ask for your work history at the point be cause the property takes care of it self... Good luck
Hello Deon,
I believe that you first need some work history to buy a new house and maybe try to get a multiple family house with an FHA Loan... Or if your state or city provides it do the first time home buyer program. So your biggest foe I think is going to be your work history. You can also approach a multi family that pays itself off with a 25% down payment, some banks won't ask for your work history at the point be cause the property takes care of it self... Good luck
I agree with @Luis M. Frias, Work History might be an obstacle for you at the moment. You can look into the possibility of a co signer (maybe your parents, a family member, but be careful with those partnerships!). Or, if you have the time, you can volunteer your time with a local real estate group or business. This way, youll be learning firsthand (if youre attentive) and best of all (sometimes more important) youll be making connections and new relationships with potential partners, sellers, agents, investors, etc..
Hope this helps and best of luck!
Remember that obstacles are what you see when you take your eyes off the prize! (heard it in a podcast :))
We are buy and hold investors. We got started by buying a fixer upper foreclosures that we lived in. Therefore not only did we get the break on the price for it being a fixer upper, we were able to use personal financing. This allow us to get our feet wet. While we didn't house hack with our first owned house. We did know people who did that with great success.
This is an amazing place to learn and you will find great resources. Definitely check out out the blogs, podcasts and forums. There have been many great examples of house hacking (BP name for renting out rooms). As you see people who you want to connect with definitely message or check out their signature for their contact information. Many of us have even more great resources located in our signature.
Pm me if I can help. I am nothing other than a experienced aka jaded landlord but always happy to pay it forward.
I am also a beginner and have not had the opportunity to take action. I do have a question, for a FHA loan, do you have to reside on the property? Or will they consider a loan as a investment property.