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Updated over 9 years ago,
Looking to buy rental property as a college student
Hello! I'm new to this community but from what I have read it looks like such a helpful one! Can't wait to be active in here!
I'm a 3rd year college student, looking to get a heads start to financial independence. I have experience with stocks but this is a whole new game!
I am looking to buy a rental property near the Medical Center in my city. I am doing this because I will be attending the Dental School there in 2 years and plan to move in that area and if I can have a condo or apartment paid off by then, that would be amazing!
My problem is that I have no major source of income. I am looking for 2 bed condos/apartments for about 60k - 80k. The only major "income" is my loans from college, which after it pays for tuition, I save the reimbursements. I have enough for a 10% down payment on an 80k property. I looked into FHA loans and could live in the condo and rent out the other room.
My problem is that creditors look for steady income most of the time, and while I have a part time job at 12 hours a week, I am a full time student. I can't put down that my income is student loans... and that's what I will be having for the next 6 years if I am going to Dental School. I am hoping that this doesn't hold me back from purchasing rental property, and I know being a landlord is a job in its self. What can I do to get around this income hold back? I don't want to start until I am 26/27 years old.
I have done a rough estimate for monthly expenses of a variety of models including mortgage, insurance, taxes, HOA fees, vacancy and repairs. But it's all subject to change of course, I am looking to break even, but if there is room for income, then that would be great.
I just think now would be a great time to take risk (which is what I would be doing of course) and begin acquiring property, especially if I'll still be in schooling until I'm 26 while other people my age would have been employed 4 years by then, with income to start investing.
Thanks!