Looking to buy a quadplex with a FHA loan?, need advice

[Alexander Small]

Hello, I have a couple questions and I'm looking for advice. Check below. For market calculations, I'm in the San Antonio area.

About Me:

I'm 19. I'm moving closer to my college in the fall, and I'm looking at apartments right now. The more I look into it, I'd be paying close to $1399 a month for rent for a studio apartment, and never seeing any of that money again. I've been thinking about getting some sort of multifamily house, living in one unit, and renting out the other units to build equity through college using the rent payments to pay down my mortgage, and maybe get some minor cash flow. I'm a software developer, so I make approx. $65,000 a year part-time while I'm in school. I currently do not pay student loans (I start payments in 2026). I have a 680ish credit score.

My Question:

What would you do if you were in my shoes? Would it be possible to get a FHA loan on the quadplex, and use the estimated rental income on the DTI calculations? I have a relative who offered to gift me the down payment amount of a house. I honestly have no idea where to start, but I have to play the cards I have right at a young age to get myself setup well for the future.

Thanks,

Zander

[Ray Hage]

Quote from @Alexander Small:

Hello, I have a couple questions and I'm looking for advice. Check below. For market calculations, I'm in the San Antonio area.

About Me:

I'm 19. I'm moving closer to my college in the fall, and I'm looking at apartments right now. The more I look into it, I'd be paying close to $1399 a month for rent for a studio apartment, and never seeing any of that money again. I've been thinking about getting some sort of multifamily house, living in one unit, and renting out the other units to build equity through college using the rent payments to pay down my mortgage, and maybe get some minor cash flow. I'm a software developer, so I make approx. $65,000 a year part-time while I'm in school. I currently do not pay student loans (I start payments in 2026). I have a 680ish credit score.

My Question:

What would you do if you were in my shoes? Would it be possible to get a FHA loan on the quadplex, and use the estimated rental income on the DTI calculations? I have a relative who offered to gift me the down payment amount of a house. I honestly have no idea where to start, but I have to play the cards I have right at a young age to get myself setup well for the future.

Thanks,

Zander

Based on all that, you should attempt to get a loan. Do you have a relative w/ a higher credit score that is willing to partner up with you or at least have their name on the loan? With a higher credit score and with longer credit history, you'll get a much better rate on the loan. You will also want to work with an investor-realtor like myself (not a "investor-friendly" realtor) to guide on the specific neighborhoods, type of properties, property tax expectations and will ensure a smooth process. Good luck on getting started! It's great to start this early in life.