Updated almost 6 years ago on . Most recent reply
BRRRR Srategy for first deal??
I'm 20, have a 750-760 credit score. What strategy should I go for with investing in my first property? Will hard money lenders or banks lend to me being that young? I was thinking BRRRR strategy or maybe house hack? Any suggestions would be helpful:) thanks in advance!
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@Xavier Hamblin That's great to hear, it sounds like you have a good plan. Honestly I wouldn't worry about purchasing a property just yet, focus on getting your license and learning the business. Two years from now you'll be in a great place financially and in your real estate agent business, at that point a lender will be happy to work with you. Most banks will want to see 30-60 days of pay stubs as a W2 employee or 2 years of tax returns if you're self employed as a 1099. It's possible you could qualify for a loan now with your current W2 income, however it probably wouldn't be much. In addition to that, you'll add a lot of extra financial stress being a brand new agent. The first 6 months to a year can be tough financially, so having a large amount of living expenses saved up can reduce the pressure of needing to sell a home to pay your bills. Hope this helps, good luck with your RE exam!