Alexandria, MN · Member since 2018 · 5 posts · 1 vote
I am very interested in doing a house hack on a duplex, triplex, in order to start out as a REI. The major issue that I am facing is that I am only 18 years old and do not have 2 years of proved income. If I have only worked at a job for a few months but I bring in enough monthly income to afford the property is there a way to get a loan? Possibly a FHA?
Hutchinson, MN · Member since 2018 · 38 posts · 14 votes
8y
@Calvin Waage"is there a way to get a loan? Possibly a FHA?"
To be honest, probably not to both those questions. My advice for you in your position would be to network with others investors/rehabbers/hard money lenders/real estate agents, etc. I do not know if there are any events going on up in Alec, so you might need to come to the cities for networking. Or start your own event (Bigger Pockets Events). It could be as simple as meeting 5-10 others at a coffee shop in town and discussing your goals.
By meeting others and establishing rapport, you could partner with someone, do a wholesale deal, etc. to build capital that would eventually enable you to reach your REI goals. Trying to get a conventional loan with 2 months of wages is, simply put, very unrealistic.