College Student Problem!

[Kaleb Bauer]

Hello All!

I am a 19 year old college student here in Iowa. I have been interested in getting into real estate investing ever since reading "Rich Dad, Poor Dad" by Robert Kiyosaki. Since then, I have started reading about Brandon Turner and that is what led me here!

Since I am a college student, I don't have much saved up to start buying properties. However, I would like to get involved as soon as possible. I think I want to do a type of house hacking in the Cedar Falls area as I will attending University of Northern Iowa. I don't have any credit so it will be pretty hard for me to get a loan to purchase a rental property in Cedar Falls or Waterloo. Should I wait until I get a steady income and start saving up what I can for the future, or find a private lender somewhere who will be willing? Any information or advice would be really helpful.

Thank you for the help!

-Kaleb

[James Wise]

Originally posted by @Kaleb Bauer:

Hello All!

I am a 19 year old college student here in Iowa. I have been interested in getting into real estate investing ever since reading "Rich Dad, Poor Dad" by Robert Kiyosaki. Since then, I have started reading about Brandon Turner and that is what led me here!

Since I am a college student, I don't have much saved up to start buying properties. However, I would like to get involved as soon as possible. I think I want to do a type of house hacking in the Cedar Falls area as I will attending University of Northern Iowa. I don't have any credit so it will be pretty hard for me to get a loan to purchase a rental property in Cedar Falls or Waterloo. Should I wait until I get a steady income and start saving up what I can for the future, or find a private lender somewhere who will be willing? Any information or advice would be really helpful.

Thank you for the help!

-Kaleb

You need to get a 30 yr residential loan. An owner occupied FHA loan would be the proper product for you. Only need 3.5% down and you can rent other rooms or units to other college students. Not very hard to qualify for one of these loans with a moderate income and good credit. Hop on Monster.com and get to work.