College Graduate Starting Career With 10k in the Bank. Rent or Buy Property?

[Charlie Krzysiak]

Hey all,

I am seeking advice and mentorship on starting my real estate journey! Any response helps.

I currently am a senior in college graduating in December. I will graduate with zero debt and have around $10,000 in saving. My current internship in Dallas is going very well, and I expect to be back in the city full time in the summer of 2026. As of right now I do not have any living plans lined up for next year. Upon searching the popular areas my graduate friends suggested (Uptown, The Village, Greenville), I have determined there is no way I can justify renting a property in that range.

Funny enough, I am currently living out of a 2 bedroom condo north of Dallas (short term air bnb) for my internship with one of my college friends (we split rent). Rent is decently expensive, but whenever I booked the stay, the owner mentioned he was trying to sell the unit. The complex is gated, 10 mins from my work, and in a good location. Not to sound like I am falling in love... but after that call, the idea of buying a condo with a FHA really popped into my mind. I feel like a condo would allow me to:

1) Get experience and my foot in the door with little capital.

2) Protect me from getting wiped out by an unknown capex expense.

3) Potentially house hack.

4) Not feel bad about burning money on rent. 

I understand the two main downsides of condos being monthly fees out of your control and little appreciation. But besides that, what are y'alls opinion/concerns on me buying a condo right out of school? Grill me, shoot me straight, anything helps. 

Secondly, condo, house, anything with a mortgage... How would I go about getting approved with no income history? I have heard some lenders use school etc. I have a 750+ credit score, just zero paystubs of income (besides my internship). Is it possible to get a FHA at a good interest rate with just a good credit score and proof of my start date? My parents would also not be opposed to cosigning, but I would prefer it be all on my own.

If possible, what should the timeline be for this process? Should I get preapproved before searching to know my options? How early should I do this? 

Thanks so much for reading this. I know it was kind of a hectic post, but I am all ears and appreciative of anyone who takes the time to read this!

Charlie

[Bruce Lynn]

Don't buy a condo in Dallas as an investment property.

HOA dues will kill the deal. Maybe it is ok if it is for you to live there and enjoy the amenities, but no need for you to pay high dues for a tenant to use the pool.

Many condos don't qualify for FHA financing in Dallas. Too many rentals, too much deferred maintenance, no real budgets, not enough money in reserves.

You can still get CapEx in condos....these are called "special assessments" . The letter goes like this: By the way we have underfunded our reserves, so we need $5000 from each condo owner by July 1st, in order to replace the roofs....(or paint, or resurface the parking lot, or replace the boiler, or fix the foundations).

You can potentially get approved for a loan out of college without work history.  You have a great credit score.  Typically lender will want to see first paycheck before you close.

Maybe rent a room in a house hack (we have one coming up in Little Elm if you can make the drive) save some more money and buy a house.  This one might need a house manager in a few months so some chance to live cheaper in exchange for managing the house.  You save money, you get experience, and then you buy your own in a year.