I just turned 18 in may. In may of 2021 (2 years) I plan on buying my first off market duplex/triplex/quadplex to live in and rent out the other units, (aka House Hack it). When I think about ways I could approach this I will most likely be using the 3.5% FHA Loan to buy my property, being a college student. However one of the problems I see myself facing in the future is a lack of cash reserves and capital for potential repairs. If I got a buyer to sell me their house for a discounted price (in exchange for convenience & speed), I believe I could get the bank to give me a loan due to the collateral (physical property), and credit score (currently began building). However in this case it would almost have to be a 'turnkey' (ready to move in & rent out) property, due to the lack of funds and experience I would have, being unable to get a loan for repairs/cap ex/legal issues if these problems were to occur, as their is no collateral to them, nor any equity in the house to refi with. I do my homework and know how to properly screen and manage tenants from a knowledge point of view. But life happens and I highly doubt my first property would be smooth sailing.

Whoever comes across this, if you wouldn't mind sharing some of your thoughts, I continue to work and save capital but these $12-$17/hour jobs and annual 10% return from my Roth IRA can only get me so far. On top of that I will be in school soon, taking classes that I hope to god are worth the money.. if they are not I may head off in another direction.

Thanks BP community,

Sam