College student and want to know where to start

[Alyssa Lastre]

Hello everyone, I am eager to learn more about investing in real estate. I know it's possible to start at a young age, I just have no idea where to begin. I've been researching and I have a small idea but if I can get any tips or suggestions that'd be amazing! I want to invest in an apartment or multi-family property. Do I have enough money? Do I make enough at my job? Is my credit enough to qualify for a loan? Which loan should I consider? Which loan should I stay away from? This is my first time buying anything, I have a fair credit score and only a small amount of money saved. My best friend is in the same situation and wants to do the same, would it benefit to buy a property together? Please let me know and thank you!!

[Blaine Alger]

Hey Alyssa,

You have a bunch of great questions, I can tell you have been doing your research. 

The biggest hurdle to get over when you are young and looking to invest in Real Estate, is financing. That is because the banks want to see that you have a consistent source of income from a w2 job or have at least 2 years of tax returns to support a 1099 income/self employed. 

I think the best starting place for you would be to talk with a lender. They will be able to look at your credit score and financials and will be able to give you a better answer than my self. If they aren't able to approve you for a loan, then they will be able to tell you what you need to do in order to get approved later on down the line. 

If you don't want to wait for the banks, then you can always try to look for owner finance/creative finance opportunities. However, you need to know how to approach  these conversations and have to be willing to put in a little bit of hustle. 

Shoot me a message if there is anything else I can help you with. I am always happy to chat.

-BA