First Rental Property Deal

[Noah Frerichs]

Hello everyone! 

This is my first post in the forums and i'm pumped to tell you guys I think I may have found my first deal. A little bit about myself. I'm 18 years old and currently a student at a community college in Williamsburg, Virginia and i'm hoping to transfer to the University of Virginia (located in Charlottesville) in a year. The reason I mention this is because i'm interested in buying a multi-family rental property in Charlottesville. I've been interested in real estate for many years now and have always had an entrepreneur mindset. Now, being a college student leaves my bank account pretty empty, so i'm looking for advice on some ways I could get a loan for a down payment and a mortgage. I know it's possible and I'm trying to educate myself so I can make this deal. 

Furthermore, I don't have nearly enough money to make a 20% or even 5% down payment. I've heard some mixed things about the "no money down" down payments but I don't really know of any other option. I know a little bit about hard money lenders and private lenders but not entirely sure how they work and where to find them. 

I believe I have found a killer deal and I can hear Brandon Turner talking about analysis paralysis and I don't want to miss out on this. I'm really looking for advice on how I should go about getting a loan for a down payment and mortgage. I also want to know if this is even possible. Meaning, is there a way exactly to get a loan for the down payment and a loan for the mortgage. Tips of any kind would mean the world to me so if anyone knows how I should go about this situation, please let me know.