Taken My First Steps... Now What?

[Miguel Luna]

Hello BP! 

Recently (Dec. 9, 2015) I literally took my first step into Real Estate Investing by walking into a local realtor. Needless to say, I learned a lot from what they had to tell me. I told them I had a general idea of what I was going to do, but I lacked the fine details. 

I was scared walking in there, suit and [bow]tie, because I was so young. Being 19, I didn't think they were going to take me seriously, but at the same time, being 19, what did I have to lose? To my surprise, they took me very seriously, told me what proper knowledge I needed to have, what the easiest way was to go about this with the situation I was in, and what Step 1 was for me. 

I told him I wanted to buy a duplex as my first investment, and yes I was going to live in the other half. I wanted to know how to go about buying one and what funds would be needed to get me on my feet. He give me a crazy amount, he didn't BS me, no. He told me about getting an FHA loan and how I needed at least 3.5% down plus closing costs. All in all, I needed to have $10,000 saved up ($3,000 down/~$7,000 closing).

Did I qualify for the loan? No. I lacked work experience. I've only been working at my current PART-TIME for a year and 2 months and they told me that I would need 2 years of part-time experience to qualify, or be in a full-time position. Bummed me out, but I was determined to make everything work. Told them that I would be back after some time to figure out what I was going to do. 

So here are the options I came up with:

1. Find a full time position and work for the funds. Once the funds are ready, I'll start ASAP

2. Keep working the part-time position until I hit that 2 year mark and save while I'm at it. Even though this would be more time consuming, and let's be honest, I turn 20 in a month and I don't want to waste any time, I would be able to save up more funds.

3. Find a cosigner/funder. This seems to be the quickest route.

Idk which one's the smartest way to go. If I do get a cosigner, I'd offer 20% of my cashflow for 2 years. (Is that smart?) 

Also I'm working on the full-time part. Last night (1am, Dec. 10, 2015) I applied for a full-time position at a local credit union. Should I have went with a bank or should I have applied at a realtor to get possible hands-on experience?