no income during college

[Ahshar Sylvestre]

Hey BP, I was wondering have any of you started out with no income but I have some money for marketing. I just finished my last season as a college football player and am ready to get into real estate. In 2017 I will have a job but I was wondering if I should wait and save before I go head first into buying rental properties?

[Mike Sattem]

@Ashar,

Personal lines are separate from business lines, which require an entity and tax returns. A personal line of credit is the same thing as a personal loan, based upon your credit score, however you can draw out and pay down at your leisure. Most sellers who will carry are not as concerned as where your down payment comes from, as compared to a bank that will require your down payment not be borrowed.

1. Get a $15K Personal line of credit from a major bank (these shouldn't have a startup or maintenance fee)

2. Market to owners in the area who should own free and clear (ownership over 20 years or Trusts are a few good leads)

3. Use that $15K personal line of credit as the down payment on a short term owner carry contract, with a refinance after 6 months, or 1 year depending upon what loan program you are looking to use.