New To Bigger Pockets Interested in 4unit Apartments in Washington D.C Metro Area

[Devonte Dinkins]

Hello Everyone,

I am glad to be in this community of Real Estate Investors and Professionals. I am actually 20 years old and interested in buying a four-unit apartment in the Washington D.C metro area (mainly DC and PG county) next summer after I graduate. I have a decent savings and still building on it, the only problem is that I am not sure if lenders will lend to me without a long history of income. I have had internships and part-time jobs, but nothing permanent. I have a few job offers and I was wondering if I secure a good job will lenders work with me?

[Robert Williams]

Hi Devonte',

Yes, some lenders will work with you as soon as you have a job, provided that the job is full-time and stable and that you have a credit history (credit cards, car loan, etc). Generally lenders will want to see your two most recent pay-stubs, so that means being in a job for a little over a month.

If you don't yet have a credit history or if you're working with some conservative lenders, they may want you to be on the job for six months before considering you for a loan.

If you don't have a credit history, start establishing one now. Generally, lenders will want to see at least three lines of credit on your credit history.

Regardless, it's GREAT that you're thinking about real estate investing now! I wish it would have been on my mind when I was just 20!