Buying a property in college - lease option or owner financing?
Hello, all!
I am planning on purchasing a property by the start of my sophomore year of college, and it is completely up to me to secure financing, because I absolutely do not want to involve family or friends with my first couple investments.
I have narrowed down my options to a lease-option or owner financing simply because I have a 0% chance of securing traditional financing from a bank.
I want to buy this property for the following reasons: (1) have a very small living expense (2) gain valuable experience in investing, property management and finance, and (3) build equity I the property and make a profit upon selling by the end of my college career (I am planning on selling it since I will be moving to another state after college, and I will use the profits to purchase a duplex in my new place of residence).
I would say the most important reason is reason number 1 - have small living expenses.
So, what method of financing would work best for a student like me? Lease-optioning, or owner financing? Do any of you have experience with either of these finance methods, either on the buying or the selling side?
As always, thank you so much for your time, advice, and stories. The forums have been a profound help in growing my REI knowledge, and is look forward to a successful future!