No credit. No money. Lots of time.

6 Replies

Currently in college and I want to get into REI. I'm particularly interested in multifamily homes as I'd like to house hack. I currently live in Houston but I am interested in Seattle , Portland, and the DMV area. Can I qualify for an FHA with no credit? Should I continue to wait until I have the 20% down? My work history is not consistent do I qualify for a loan at all?

@Phenicia Woodard

You will have a hard time getting a FHA loan.

1st you can start building your credit it can be done by researching how, or getting professional help.

2nd you can find an owner financing deal or subject to.

3rd today with Airbnb you can house hack more easily, and it's easier to scale,

Even though airbnb may not be around for the long term, you will be able to build capital and Experience.

Sometimes you can rent a property and use it as an airbnb but it would have to be approved by management. ie, have that discussion prior to signing a lease.

My answer to every challenge... join the Navy.

College will be there when you get back -- and you will have some college funds to use to pay tuition and books.

And you will have a VA loan (hell with that FHA stuff). House hack all you want.

And... you can build credit while you are serving.  Not much but some.  It gets you on your way.

Note that I have not suggested that you abandon any parts of your plan, which is a good one.  It is a proven roadmap to get you there, and you might have fun doing it!

I would really think about if college is really what you want. Think about what you really want to do. Don't just go to college because it's the thing to do. There are too many college grads with debt that is going to take them half of their lives to pay off. If you're interested in real estate, start to study that and find the strategy that works best for you.

As far as credit. Go to your bank or a local credit union and get a secured credit card, and speak with a bank officer and tell them your plan. They can put you on the right card to help you build your credit. I'm not an authority but I do know you can buy a house without much money, but I think you are definitely going to need some credit down the road, and you might as well get started now. 

Find your passion and go for it. You'll learn more by action than by sitting on the sidelines waiting for the right opportunity. Find someone to work for on the side and learn all you can. Start small, I heard on one BP podcast about someone who rented his room, as an AirBNB, that pretty creative. If you really want to do it, you'll find a way. 

Thank you all for your responses. My interest in investing is just a form of passive income. I'm in my final year in college and I'm quite confident in my career path. I was tired of sitting and waiting for my turn but I must trust my process. I'll start with the secured credit card and work from there