Starting out with a duplex?

[Kris L.]

Hello my name is kris and I'm 18 years old. My friend and I have 3.5k each to invest. Me and him have a pretty good job and we'll be able to save 25k - 30k each in the next year. Should we try to get an FHA loan on a duplex now? We live in a part of pa where it won't cost us a ton to buy a duplex.

[Ashley Kehr]

Hi Kris. So awesome you are already thinking about getting into real estate at 18! My sister was able to get approved for an fha loan with only a job offer right out of college. She worked part time in college but it was only around $10,000 she made for the year. I think its worth a try to get pre-approved. It won't cost you anything to get pre-approved from a bank. 

I agree with @Dion McNeeley that you should be cautious to do a joint loan with a friend. I'd recommend you each saving to get a duplex on your own.  That way you can take advantage of two fha loans and get two duplexes between the two of you. 

Best of luck!