Looking to buy a quadplex, need advice

[Alexander Small]

Hello, I have a couple questions and I'm looking for advice. Check below. For market calculations, I'm in the San Antonio area.

About Me:

I'm 19. I'm moving closer to my college in the fall, and I'm looking at apartments right now. The more I look into it, I'd be paying close to $1399 a month for rent for a studio apartment, and never seeing any of that money again. I've been thinking about getting some sort of multifamily house, living in one unit, and renting out the other units to build equity through college using the rent payments to pay down my mortgage, and maybe get some minor cash flow. I'm a software developer, so I make approx. $65,000 a year part-time while I'm in school. I currently do not pay student loans (I start payments in 2026). I have a 680ish credit score.

My Question:

What would you do if you were in my shoes? Would it be possible to get a FHA loan on the quadplex, and use the estimated rental income on the DTI calculations? I have a relative who offered to gift me the down payment amount of a house. I honestly have no idea where to start, but I have to play the cards I have right at a young age to get myself setup well for the future.

Thanks,

Zander

[Rick Pozos]

Hey @Alexander Small lets look at a couple of things.

1399 for a studio is CRAZY. There are lots of small houses close to all the universities that you could share with a roommate for 1600 or 1700, which would be 800 or 850 each. 

Next, if you are making 65k per year, you should be saving TONS of money for your own down payment. I have borrowed millions from friends and family over the years, but I never accepted a gift for down payment. 

Stop taking out student loans and pay for your college as you go. You dont want to finish and have 100k noose around your neck. I hope this does not sound harsh. I just see too many people getting into houses without getting their finances in order first.