How to buy a 4 unit property at age 18?

Question

Hello everyone,

I'm 18 years old and with  average FICO score 715, I have a 5-10 percent down payment, with only 6 months of full-time employment (annual income 52k) and 1 year of part-time work history (annual income 20k). I have been planning this since I was 16 years old but I keep running into the same problem since I don't have co-borrower.

My credit union will not approve me without a longer full time employment history because my part time employment income isn't much. Seems like I am having a problem because I'm a recent high school graduate  Please advise how to buy a multifamily home under these circumstances.  What else can I do??

Tasha

Tasha Williams · Answer

Thanks for replying gentlemen.  Dan the article you recommended was great I think I'm there. I would love to get your guidance on some things along my journey to invest in real estate.

Joe, unfortunately everyone that could help me says "no, I should focus on going to college and not waste my time on real estate" since I'm a recent high school graduate. And cash is my only asset I have been saving for two years for my dream to own 5 properties before age 20. Now I'm finally 18 years old there are still some road blocks.

Thanks again and I'm open to suggestions!

Elijah Quinones · Answer

Hi Tasha!

I noticed you sent this out a couple of years ago. Were you able to find a way to invest in real estate young? I’m going to turn 18 and would love any advice you have!

Joseph Schommer · Answer

Hi @Tasha Williams!  Way to get started early!  Asking is the first step.  Do you have any friends or family with a  solid work history and income that you can trust to partner with on the multi-family?  Maybe you can be the deal-finder/house-hacker and they can be the money/qualification side.  Some banks will also give loans using assets that you have as collateral.  Assets like 401k, Life insurance, IRA etc... Do you have anything like that?

Good luck!

Dan Sheeks · Answer

Hey @Tasha Williams

Congrats to you for your ambition! If you are looking to connect with someone for some guidance or advice, feel free to reach out. I also recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/