60k to invest, in college, no steady history of job

[Kevin Keefe]

Hey everyone. Long story short: I ran a landscaping company the past 3 years and sold it in July. I want to buy an investment property so badly but I will definitely not qualify for a bank loan since I have no real income on the books coming in. Any ways to get around this? Thank you!

[Christopher B.]

I purchased my first rental as a junior in college. I implemented the BRRR strategy before it was coined on here. It worked out quite well for me and was a big help financially getting started.

Find a 2-4 unit, or maybe even a house in an up and coming urban area. The property needs to be a fixer. Find a family member or someone to co-sign a loan for you. Use your money for the downpayment and the rehab or if the rehab is more than what you have in cash get a rehab loan and use your cash to fund the rehab ahead of the construction draws.

Once the rehab is done do a cash out refinance on the property with a co-signor. Presto, you now have a rental property with no money out of pocket as well as a nice play to live that your tenants will pay for.

Once you graduate and get a full-time gig you can refinance the property to take your co-signor off the mortgage. 

Rinse and repeat to build a portfolio with little to no cash out of pocket.