Student Landlord: Journey to financial freedom as a student.

[Kenneth Quijano]

Hello, My name is Kenneth Quijano. I am the oldest of 5 and a full-time college student. Being a full-time college student is expensive and stressful, I have no financial freedom due to college payments, but I have recently received a scholarship so I have been saving money working full-time. I am looking to get started in rental properties, I do photography on the side and I currently work full-time. I have been saving money and I believe I have enough for 10-15% down on a small family home. I have read books and watched some videos on getting started with rental properties and I want to purchase my first one before the end of 2024 if possible. I would greatly appreciate any tips/knowledge any of you would share with me to help me reach my goals! My goal for the next 2-4 years is to eventually have enough cash flow to focus on my college and starting a business.

[Benjamin Aaker]

Hi Kenneth and welcome to BP. I recommend using your cash to purchase a 4 plex and live in one unit. You can use an FHA loan and have a smaller down payment. You can rent out the other 3 units and learn about landlording while you go to school.

[Yanina Panfilenka]

Hi Kenneth!
Welcome to BP! You're in the right place.

You have a lot on your plate and it's hard to figure out everything at the same time but you're definitely on the right track.
The most achievable option to start the journey will be house-hacking. The most income producing will be rent-by-the-room and you'll be easy to fill the spots being a student yourself. Just keep those relationship professional to get the rents. It could be a big number of rooms house or a duplex where one side is smaller (manager quaters) when the other is bigger one. Looks like the only option to do a break even or cashflow with current prices in the area. 
As for the loans, you can benefit from owner occupied FHA as Benjamin mentioned above. The only thing, you'll need to refinance later to get rid of the insurance premium because of the lower downpayment. Also, you may use the expected income to leverage the lender talks.
Let me know if you need assistance finding the property to meet your strategic goal of the freedom to focus on the things that matter.