Hello BP,
I am a 21 year old who has just graduated college. In the coming weeks, I will start off my engineering career for a top 4 Defense Contractor in Minneapolis, MN. I am extremely motivated to buy real estate when I get there. My parents have been doing buy and hold deals in the New York City area for around 20 years now, and it really hit me that this is something I love. My goal is to end up like the guy from Monopoly.
As a 21 year old with a competitive salary, I plan on buying a multifamily home within my first year. I prefer to go solo on this.
I need advice on how to set myself up. What are some things that I should do before anything else? I expect a bank to give me a loan since my income is high. The only thing is, I don't want to waste time saving for a down payment. The sooner I am in the game, the better. The homes I have been looking at are in the ~$250,000 range. So a ~$50,000 down pay would probably be required by a bank.
Is there anyway I would be eligible for an FHA loan with 3% down? How could I potentially attract an investor to help me out? Any other ways to get around this?
Also, anyone who is already doing real estate in the Minneapolis area, I would love to talk and ask a few questions.
Thank you so much for the help & advice in advance.
