Updated almost 8 years ago on . Most recent reply
19 Years Old, How to Fund my First Property
Hello BP Community! I would like to get some advice on my first property. I am 19 years old and read Scott Trench's "Set for Life" and decided that the best path for me to take is to purchase a house to house hack in. After purchasing this home I will be moving in with my sister and her boyfriend so they can pay me rent. I also may have another potential roommate if the size of the property allows it. I plan on using a FHA loan and don't plan on spending more than $140,000-$160,000 for the purchase price. My current lease ends on November 30th, 2018 and I want to get opinions on financing this property. My thoughts included looking into wholesaling as a means to continue learning about real estate and also bring in some money for the down payment. But I was also curious if anyone is familiar with a way to potentially fund this deal. Could I go to someone and show them that a specific property is a good deal and have them come in to fund the deal and then I could live in the property and maybe split profits of the unit 50/50? I am familiar with an investor finding someone to fund the deal but is it ever done where the investor is then living in the property? My main goal of purchasing this property is to be able to live rent free while I save up money to start buying more properties. How could a deal like this be structured? Why is this a good/bad idea?