Advice Starting Out!

[Mariah Kohan]

I'm 21 y.o. in the Pittsburgh Area; I've been researching REI for the past year.

I'm working a minimum wage job, at this rate it's going to take me at least 5+ years to save up enough money for a down payment.

Is there anyway to jump start this process?  

Is there any way around paying out of pocket for a down payment?

Are there lenders out there who lend for a down payment?

How much capital would you advise accumulating before making a move to purchase a property?

Or Should I just find other sources of income and buckle down for a couple years? 

[Charlotte Chew]

@Mariah Kohan I have three properties now but started off by buying a turn key townhome with 3.5% FHA. I did three side hustles for 2-3 years to earn the 3.5% then house hacked by having roommates. Several years later, after I learned about REI, I used equity to do a cash out refi and get a 2nd property. On the 2nd property, I used a 5% down owner occupied financing bc the house didnt qualify for FHA financing (1954 house with peeling paint, furnace didnt work and it didnt have a stove). I house hacked that by turning the garage into a master suite and put it on Air BnB. I did a cash out refi on that one and closed on my 3rd property in November, which I purchased using a down payment assistance program. For this property, I paid for option period, inspection, appraisal and got half of my earnest money back at closing. I gave a higher offer price and asked the seller to cover my closing costs. There are ways to get into a house with a small down payment. I'd check with a few different lenders/brokers in your area because different ones may be able to offer different programs. There are also down payment programs in some areas for teachers/first responders or other professions. I've heard of another program called NACA that my friend did, but that required extra paper work so be ready for some "adminiatrative perseverance " on some down payment assistance programs. Im happy to share more if you have questions. Im in Texas so Im not sure all the programs I've heard of are available in your area.