How to finance first purchase in college, only 20 yrs old?

[Rochelle Ray]

My oldest son and his younger brother want to buy their first rental property while they are in college.  They can use it as their dorm  and rent out to several roommates, too so that they can live rent free and have their college buddies pay their way while they begin their journey into real estate.  They have been watching their father and I invest in real estate.  They have the vision and the right attitudes.  Also very mature for their age.  I believe they can do this and the learning experience is priceless.  However I do not want to give them a handout.  They need to do this on their own (we might be willing to co-sign but prefer not to)  So how can I advise them to get the funding for their first house since they only have summer income which doesn't amount to much in order to get a loan and they don't have any connections or history for business real estate investing to get private or hard money to purchase the home and refinance later?  They have some cash from inheretance that one of them is willing to use but not the other (one brother is tighter with his money than the other, lol!)  I can't imagine a homeowner financing them without proof of steady income.  Any ideas.  How does the younger generation with entrepreneurial views get a start? They have 6 months to a year to prepare for this journey and are planning 20 percent of their own money down. Maybe this isn't enough?  Advise?

[Jered Sturm]

@Rochelle Ray Awesome story, and very similar to my own! However I was the younger son in the story. At 18 Myself and my brother bought a 6 bedroom house and rented 4 rooms out to friends as we went through college. We did this with the help of a co sign from parents and  putting a small% down of money we had saved. 

I tell the whole story in a recent blog I wrote. Im sure yourself and your sons would enjoy this blog.

https://www.biggerpockets.com/renewsblog/2016/07/15/age-26-financial-freedom/

Best of luck to all of you!