How to be taken seriously being young with no money

[Miguel Ramos]

Hello, BiggerPockets community, My name is Miguel, I'm in the south Florida area and I will get started investing in real estate this year. I recently turned 20 years old, I work part-time as an EMT (only about 10 hours a week currently,) I am a paramedic student and I plan on becoming a firefighter. I am concerned that because of my age and lack of money I will not be taken seriously by banks when trying to secure a mortgage. I currently have 2 credit cards with a total limit of $2,700 and a 716 TransUnion and 700 Equifax credit score on credit karma, but I feel like I will still get overlooked (I am planning on using the BRRR method to grow my assets.) Can anyone give me advice on figuring out how to secure a loan so I can begin investing in properties and be on my way to gaining financial freedom?

[Alexander Zurn]

@Miguel Ramos welcome to the community!

From my own experience, the best thing you can do is study. You want as much "experience" under your belt and while you don't have the personal experience, many MANY people have shared their personal experiences in these forums, in books, & other blogs online. You should equate knowledge to experience at this point in your investing career. Read books, ask questions here in the BP forums, & begin to watch the market you currently live in. Are you renting? Watch where rent prices are compared to home sale prices. See the differences in prices (rent & home sales) in the "good" and "bad" parts of your market. Consider why that differenece (if any) exists.

Make your way to the BP marketplace and find a few books in there that BP has published. The first I would suggest is Brandon Turner's Book on Rental Property Investing and second, I would read his Book on Investing with No or Little Money Down - this will cater directly to your need but first you want the foundation of his 1st book and a little more knowledge (experience) in the REI community.

Whatever you do, don't give up - you're on the right path.