My First Loan

[Bryce Ewing]

I am just starting out as a real estate investor. You can read my bio for more info, but a quick overview of my situation: I am 20 years old, and currently in college. I have an internship as a property manager. I manage 180ish units, and I have learned a great deal about being a landlord in the past 6 months. I am very ambitious, and I even think I could improve my boss's business if I had the time and power to do so. 

I am very excited to get my first property this summer. I do not plan on house hacking, unless I find a house that is 4-5 bedrooms so FHA is probably less likely as an option. I am worried that because of my income ($1,300/mo) that I will not be taken seriously from a bank. I do not have other expenses as my college is paid for by scholarship, and my room and board, groceries etc. are covered by my parents. I could easily pay the mortgage without a tenant, but with a tenant I will have money to be constantly making repairs on my property. I am looking from properties in the 40k-70k range.

MY QUESTION: Is it even possible for a bank to take me seriously? Credit score: 710, Mo Income: $1,300. Current cash saved: $27,000.  I may or may not be able to have my parents co-sign the loan. Any Advice you have will help.