My First Loan

[Bryce Ewing]

I am just starting out as a real estate investor. You can read my bio for more info, but a quick overview of my situation: I am 20 years old, and currently in college. I have an internship as a property manager. I manage 180ish units, and I have learned a great deal about being a landlord in the past 6 months. I am very ambitious, and I even think I could improve my boss's business if I had the time and power to do so. 

I am very excited to get my first property this summer. I do not plan on house hacking, unless I find a house that is 4-5 bedrooms so FHA is probably less likely as an option. I am worried that because of my income ($1,300/mo) that I will not be taken seriously from a bank. I do not have other expenses as my college is paid for by scholarship, and my room and board, groceries etc. are covered by my parents. I could easily pay the mortgage without a tenant, but with a tenant I will have money to be constantly making repairs on my property. I am looking from properties in the 40k-70k range.

MY QUESTION: Is it even possible for a bank to take me seriously? Credit score: 710, Mo Income: $1,300. Current cash saved: $27,000.  I may or may not be able to have my parents co-sign the loan. Any Advice you have will help. 

[Michael Bowser]

I was once in your exact shoes! Same exact scinario. Now I will tell you my 4 year venture shortened of course. Same income. 

20 years old. Was ready to buy a single family home. Made a few offers and a few were lost due to just to many problems and people out bid me. (60k to 100k homes)

21. A choice between a full summer in Europe or buying a single family home, that I would have to work on all summer. Well I choose europe.

22-24 I began to resave and bought my first multi at 24. 

Keep in mind I would have loved to own a home at 21 like I had planned but it was nice to remove responsibilitys from my life a fee more years. Note: I had the whole basment of my parents house to myself, so living with them was like roommates I never saw. 

Long story short. You can do it but you will be tight on money and won't have any social life unless it's on credit cards (bad choice). If you are truly ambitious and want to go ahead all power to you. It's a smart move at 20 finacially. Do keep in mind all the responsibility that goes behind being a landlord and making repairs if boiler breaks or roof leaks. 

There is no bad choice, it is what suits you best. For me I waited till 24. 

Hope this helped, in some way. 

Edit: Please feel free to message me and ask me anything about my journey or if you want tips and advice more specific on something. I worked in banking for 7 years and m y family does construction. I have seen a few things.