Financing first rental property

[Oriol Serra]

Similar posts have probably been posted a million times, but I couldn't find it, so here it goes.

My question is if there is any way to get a mortgage/loan from a bank or other entity to finance my first rental property. I am pretty young and I'm still studying, but I think it's never too early to start. I've also been reading a lot about real estate as well as attending seminars, watching videos, and asking questions. I always review on my head all the steps to do to buy and rent a property, but I always get stuck in the financing part. A bank will not lend me money unless I have a stable job that ensures them I will be able to pay back. And no one really takes me seriously to give me money from their pocket.

So, what do you propose? Do you think I should just find a great deal, use tools like the rental calculator to try to predict future profits and losses, and present it to someone?

Thanks.

[Marc Yu]

You should wait until you have enough capital (20% down) to purchase a property.  A financial institution will only loan you as much money (with interest) as it perceives that you will have the ability to repay.  An unemployed student with no assets is not a good financial risk/reward scenario for them.  Maybe a relative.  Too bad you can't get those pre-2007 NINJA! loans anymore.  (No Income No Job Approved!)