Originally posted by @Seth Teel:
Welcome @Emilio Vernaza. I bought my first duplex when I was a Sophomore in college. I convinced my dad it was cheaper than him paying for me to live in the dorms. I got him to co-sign on the loan and match my down payment. Bought on FHA at 7.5%. I leased out one side and had roommates on my side. I was cash-flowing $600+ per month. After a few years, showing rental income and a full-time job, I was able to buy another duplex on FHA loan, move in there and repeat the same model. At one point I had 3 duplexes, all cash-flowing and my annual salary was only about $45K. That was in St. Louis, price-points are very similar here in SA and interest rates have dropped significantly. Good luck in the endeavor.
Thank you very much @Seth Teel. That is exactly what I am planning to do. I already convinced my dad that it's cheaper for him to help me out with the down payment of a small multifamily apartment, rather than paying for the dorms (approx $8000 per year). Then, I could rent the other units to friends of mine and use that money to pay for the mortgage, taxes and insurance and still cashflow. But for this, I need to get a good deal in the Pearl Area.
I want to know how a FHA loan works and if it applies for me. I am an international student from Colombia. I have 2 jobs on campus, so I already have my first year of tax filed. I also have my social security number. What are the requirements for qualifying for a mortgage loan?
