New to Real Estate · Tempe AZ & Carlsbad CA · Member since 2021 · 27 posts · 21 votes
Hi Bigger Pockets community,
My name is Nick Schwarte. I'm an ambitious student pursuing a degree in Construction Management at Arizona State University, complemented by a minor in Real Estate. My passion lies in exploring investment prospects within the realm of residential real estate while eagerly seeking connections with like-minded individuals
I'm here seeking guidance as I embark on my journey into property investment. This fall, I aim to secure a single-family home to accommodate myself and 3-4 friends, ideally a fixer-upper for a strategic house-hack.
However, being a 19-year-old student, my available funds for a downpayment range between $20,000 - $50,000. Yet, without a full-time job, I face challenges in qualifying for a loan. I'm exploring innovative avenues to overcome this hurdle, including creative financing options like seller financing, lease-to-own arrangements, or potentially leveraging a parental connection for the loan.
Your insights and advice on navigating these financing hurdles would be immensely valuable. Thank you for any tips or information you can provide!
Realtor · Phoenix, AZ · Member since 2021 · 271 posts · 115 votes
2y
Hey Nick,
Most on market seller carry's will require a steep 20% down. With most SFHs in PHX averaging around $460k, it could become difficult to find one.
I like your idea about a lease to own scenario. This might be the best route to get you in the door and secure your investment until you have a full time job/W2 job.
There might also be some loan options to explore, so I would definitely suggest talking to a few Loan Officers.
Are there particular areas that you are aiming to purchase in?
Most on market seller carry's will require a steep 20% down. With most SFHs in PHX averaging around $460k, it could become difficult to find one.
I like your idea about a lease to own scenario. This might be the best route to get you in the door and secure your investment until you have a full time job/W2 job.
There might also be some loan options to explore, so I would definitely suggest talking to a few Loan Officers.
Are there particular areas that you are aiming to purchase in?
Hey Noah,
Thank you for your response, it's greatly appreciated. I'm still a student at ASU and aiming to for a house not too far from campus; 20 minutes tops. Would you recommend any loan officers or just reach out to anyone I can?
Most on market seller carry's will require a steep 20% down. With most SFHs in PHX averaging around $460k, it could become difficult to find one.
I like your idea about a lease to own scenario. This might be the best route to get you in the door and secure your investment until you have a full time job/W2 job.
There might also be some loan options to explore, so I would definitely suggest talking to a few Loan Officers.
Are there particular areas that you are aiming to purchase in?
Hey Noah,
Thank you for your response, it's greatly appreciated. I'm still a student at ASU and aiming to for a house not too far from campus; 20 minutes tops. Would you recommend any loan officers or just reach out to anyone I can?
My name is Nick Schwarte. I'm an ambitious student pursuing a degree in Construction Management at Arizona State University, complemented by a minor in Real Estate. My passion lies in exploring investment prospects within the realm of residential real estate while eagerly seeking connections with like-minded individuals
I'm here seeking guidance as I embark on my journey into property investment. This fall, I aim to secure a single-family home to accommodate myself and 3-4 friends, ideally a fixer-upper for a strategic house-hack.
However, being a 19-year-old student, my available funds for a downpayment range between $20,000 - $50,000. Yet, without a full-time job, I face challenges in qualifying for a loan. I'm exploring innovative avenues to overcome this hurdle, including creative financing options like seller financing, lease-to-own arrangements, or potentially leveraging a parental connection for the loan.
Your insights and advice on navigating these financing hurdles would be immensely valuable. Thank you for any tips or information you can provide!
Hey Nick ! 20-50k is definitely enough to get into a fix and flip with 20% down on the purchase 100% of construction is provided upto 65% ARV . There are no income no doc programs available for first time investors