Do I need 2 years of work history?

Question

I recently graduated from college and I'm looking to buy my first rental property in the Reno/Sparks, Nevada area. I want to find a multi-family unit that I can live in and rent out the other units. I am still in that phase after college where I am looking for my full-time career, but currently only hold a part-time job. I have good credit, but I'm not sure if I have enough for a proper down-payment yet.

I would like to purchase my first property this year (2018) and I have done some research, but I would like more information and advice on this subject. I am super excited and eager to get started! Thanks!

Dean Poff ii · Answer

@Vincent Pirrone if your education was used to get you the job you have today then you can count that as work history.  DM me and ill see if I can get you preapproved.

Anthony Dooley · Answer

@Vincent Pirrone If you have a great deal, it's not that hard to find a partner (someone you already know) that can get financing. Someone you know has a great income, access to some cash, and or good credit history. You bring the deal and be willing to do all of the work and you should be able to sell them on the idea. Be willing to take a subordinate equity position, at least on the first deal. Eventually, you will not need to find a partner because you will have established work history, credit, and equity in the first deal that you can use as collateral.

Sam Shueh · Answer

2 years go by quickly hang in there.

Vincent Pirrone · Answer

Yea, that is true and doable. Thank you for the advice!

Vincent Pirrone · Answer

Awesome! I'll look into that. Thanks!

Ben S. · Answer

Check out a mortgage with SoFi (social finance). They have a number of options for student loans, personal loans, and mortgages, and seem to cater to your kind of situation. I've gotten unsecured personal loans from them and found them very easy to work with.

Vincent Pirrone · Answer

Awesome thank you!

Dave Van Horn · Answer

Sure thing, @Vincent Pirrone! Happy to help. Feel free to PM if you have any more questions.

Vincent Pirrone · Answer

Okay, great! Thank you for that information!

Dave Van Horn · Answer

@Vincent Pirrone

Unfortunately you're probably not going be able to use traditional financing until you get two years full time work history.

You could get creative though, using a co-borrower, buying subject-to/lease option, things like that.

Do I need 2 years of work history?

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