I am a student at Indiana University and wanted to lower room and board costs by buying a duplex or fourplex and living in one unit. I wanted to now the best way to finance this, wether it be a FHA loan, because I would be living in one of the units which would let me have a low down payment, or is a private lender pretty necessary here? Also I would like to renovate the unit I would be staying in, so basically a live in flip with one unit of a duplex. Is this possible time wise with a students schedule? Thank you for all of the responses.
hi @Wes Short . First things first speak with local lenders to see what you can and can't do. In order to get lending you need a qualified income that can sufficiently pay a mortgage. Luckly investing in MFR allows you to qualify for more with less because the potential rental income will help pay your mortgage expenses, still with that said you will need to provide income history typically stable for 2 years.
To answer your question can you fix up a MFR while in college, my answer would be yes. I don't know what your schedule is like but assuming you are working a full time job (to qualify for lending) you would be booked between work and school. It would not be an easy task but it is achievable. while the majority of your classmates are working for spring break and booze you can work for financial freedom. For me you just need a goal to shoot for and ultimately it comes down to how badly you want to achieve that goal.
Best of luck.
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