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Updated over 4 years ago,
Interesting cheap rental property. Can a student get a mortgage?
I found an interesting rental property for sale for only $73,000 in a rural low cost of living area. The property is a 4 bed/2 bath duplex. Also on the 1 acre lot is a 2 bed/2 bath trailer, two 2 bed/1 bath trailers, a 2 bed/1 bath single family home and a 3 bed/1 bath single family home. Also one mobile home hookup rented for $125 a month. Total of 15 bedrooms/8 bathrooms. They say the current rental income is $2,000 a month with one trailer unoccupied. The rent would be greatly increased if the units were cosmetically fixed up. I was wondering if it’s possible to get a loan for a property as a graduate student who does not currently have a job yet. I do however have enough cash to pay for 1/3 of the asking price. Would any bank ever write a mortgage to someone who is a student and won’t have a job for another year but has enough cash for a down payment and can rely on rental incomes? Or is there an option to prepay a year or two of the mortgage payments upfront until I have a full time job?