All Forum Posts by: Ethan Martinez

@Ethan Martinez

I bought my first house my junior year of college and I only wish I'd done it the previous 2 years as well. I sold that house 3 years later and bought 6 rentals with the money.

1. Get a full time job and get prequalified for a loan. It's possible while in school. I did graveyard shifts at a group home and was able to work full time and do all my homework on shift.

2. Not sure what market you're in, but if you still don't qualify for a realistic amount, find a great house hacking deal and take it to your parents/friends/rich uncle/etc. and prepare an excellent, numbers-based proposal to them for co-signing with you. If they've never invested in real estate, make sure to show numbers, returns, debt paydown, sales comps (ask a realtor), etc for at least a 5 year period. That tends to ease people's minds.

Are you able to make all of the payments involved with owning a home and have a down payment saved up?  If you can, then talk to your parents about co-signing.  I did that when I was in grad school-I paid for everything, just had their name on the mortgage so I could get one. 

Welcome to the BiggerPockets forums!

You should educate yourself on owner financing. You can purchase the home directly from the seller without involving banks and often with terms more favorable. I recommend reading "Wealth Without Cash" from Pace Morby. He also has a lot of YouTube videos, but the book is probably better for learning.

It's not the answer you want, but you need to get a job- lots or reliable, regular hours. 

Trust me, I'm old, been through a bit of life. When you're in college you THINK once you graduate that you'll get a bunch of time and energy back. Life only gets busier and more stressful. Now is the time for you to give it 200% because you'll have less free time in the future. 

When I was in college I was a full time student, a couple semesters part time, and worked 50-70 hours every week on top of that. I was crazy busy, but it allowed me to buy my first house with an FHA loan and I house hacked with some buddies before that was a thing. They paid my mortgage and I still have that house today- 23 years later. That house that I paid $5k out of pocket for is now worth $500k and I've leveraged it over and over to buy many, many more properties with OPM.

It will be hard and stressful and you'll be really, really busy. If it were easy and everyone could buy investments with zero down and no job then we'd all be millionaires. The idea that you can do this with no job, no money and no experience isn't a thing, no matter what the gurus say. 

Go get yourself a job and do the hard work now so you can live an unbelievable life later. 

Best of luck!

You need lending. The only type of loans you can get is DSCR and owner finance.