College kid looking to finance a duplex in the cheap area of Mass

[Zachary Hadjah]

I'm currently a college student looking to get into REI. My credit score is 729 and my financial partner's is a quite bit lower. Currently neither of us are in a position to get a personal loan for 50k since we got laughed out of a few banks (lol). We are currently looking for at least a duplex in a cheaper part of Massachusetts in order start with our first property. What are some methods and banks you guys would use in our situation in order to try and get the financing for a duplex.

[Colleen F.]

This is something  time will help with more then anything. Tell your partner to get their credit score up. Concentrate on getting your degree if it is for a decent saleable skill.  Pay your bills.  Your credit score may be 729 but how long is the credit history?  Do you have a job?  

At the same time find the cheap area of MA you want to invest in. Follow it daily online. What sold, How much? Look for off market info like foreclosures. For financing you might want to talk to people you know to see if you can get someone to invest in you. Try for owner occupied low money down loans like FHA. try for owner financing. All of those financing methods are based on a specific deal. Without history unless you have a benefactor the money will be tied to a deal.