Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 18 years ago,

User Stats

27
Posts
0
Votes
N/A N/A
0
Votes |
27
Posts

Getting a house with little money - question

N/A N/A
Posted

Ok here's my situation

I'm a 21 year old college student and work at a restaurant where I made roughly $10k last year. I have almost no bills and also have a website which I make just under $300/month from at the moment (it gets a little higher each month)

I'm looking at a 4-plex in my area thats selling for $65,000 and has been on the market for quite awhile. It has a good amount of repair work that needs to be done. I looked on the outside and what I could see is that it needs a new roof, paint, and 1 new window. I didn't look on the inside

The rents would be roughly 400/month when it's fixed up.

Here is my problem. Since I don't make much each year and only have about 2k for a down payment I'm definitely going to have a hard time getting a mortgage for it. I would say I'd need at least 15-20k for repairs, but even if I paid say 55 for it plus 20k for repairs..that'd still be a great deal getting a 4plex for $75,000.

Also, my dad's been a contractor for like 25 years and my girlfriends brother is an independent contractor as well, so I know I wouldn't get ripped off on the repairs

So here are my questions:

1) Would it be better for me to partner up with somebody? (Say my brother, who makes alot more money than me and is also getting into real estate)

2) I'm going to stop at a "100% mortgage financing company" that I just noticed in my town. Is there anything I should say to them to make me more credible? Obviously they'll have some big doubts giving a mortgage to a 21 year old investor lol

My plan was to go to the mortgage company and see what kind of mortgage they could give me, then start doing more homework on the property

Loading replies...