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Updated almost 5 years ago on . Most recent reply
Deciding on Investing Path
So I guess you could say I'm in a bit of a bind. I have a few thousand dollars saved up, probably enough for an FHA loan down payment, but nothing near 20% down on most properties.
Wait... let me backup and properly introduce myself; this is my first post, after all. Hello, BP! My name is Ean and I'd like to take advantage of the current market woes. I've been listening to the BiggerPockets Real Estate Podcast the past few years, albeit somewhat sporadically. However, with the market in the state that it is in, I thought now would be the best time to really start my real estate journey. But here's the catch: I'm a Senior in High School.
I'd like to find a nice duplex, triplex, or fourplex in my area and househack for a few years, but I have a small issue. I'm leaving for college this summer, and you really need to stay on campus your first year to make a few friends in your major. Therefore, I can't get an FHA loan because if I were to purchase a property, I wouldn't stay in it any longer than about a month before I'd leave again for school. I could try a hard money lender, but if I were to do that, I would really, really need to find a local mentor to avoid a world of debt. Does anyone have an opinion on the subject, or would it really be best if I just wait?