Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Saul Solis
0
Votes |
3
Posts

Putting all your eggs in one basket? (Young investor)

Saul Solis
Posted

Hey Guys, My name is Saul. I am 19 years old.

I have been extensively researching REI for the past couple months. Living in the surrounding area of Seattle. I have a lot of questions in regards to obtaining a rental condo. I have been reaching out to larger mortgage brokers but have been getting no reply. I am going to try and reach out to real estate agents in my surrounding area next. I have been trying to run the numbers on condos in my area.(175k for 1bd1bath) But they simply aren't adding up. I know prices are pretty inflated right now especially in my area. My biggest question is .... am i even be able to obtain a mortgage at this age? I make around 28k after tax and by the time i'm ready to purchase a property i would have a consistent income for about 1.5 years. I have very low expenses and would be living with my parents. And a average credit score. My next question would be what would be my best bet. I know i have a low income but to compensate i would have to throw a large out of pocket down payment. I wouldn't be making much in terms of cash on cash return. I would like to connect with someone. All of the people around me are no help and are actually discouraging me. I would be most interested in buying and holding, the idea of house flipping also entertains me. I am eager to connect with someone that is willing to answer my questions. Thank you in advance. 

Loading replies...