All Forum Posts by: Wyatt Ruff

@Jeff Hamel

Thanks for the ideas. I will look into that group as well because some more local knowledge would be nice. 

A little background is that I am 19 and a sophomore in college. I work up in Alaska during the summer months so I make a fair amount of money (15000 to 20000 a summer) but do not have a part time job during the college months. My father is a full time investor in apartment complexes and mobile home parks so I have a great mentor to help me if I am in need of some wisdom. I also have a credit score of 728.

My idea is to buy a 4 plex as an investment while I'm in college. I plan on using a FHA loan because of the attractive down payment option. Because it is an FHA loan, I plan on living in one of the units with paying roommate/roommates while I finish up college. I am looking for a property in Phoenix that is between 150000 and 250000 dollars. I plan on moving out after college and keeping the complex long term. I also want to manage it myself so I can start learning more about it. I do already have some knowledge of management from my dad because I did something similar for my senior project in high school and I have him for any questions I may have along the way.

I guess some of my questions are what would be a good cap rate to shoot for? 8%? 10%?

Would it be unreasonable for someone like me to qualify for a FHA loan for 200000 with a 7000-9000 down payment and 4% interest rate for 30 years? If so who would be good to ask first for a loan?

I also know that to qualify for an FHA loan you need a consistent record of a job over the last two years and have a monthly income. I heard someone say that it can be bypassed if I have been in school for the last two years. Is this true or do I still have to have a monthly income? However, if I do need to have a monthly income can I co-sign with my father (even tho if at all possible I want to do it on my own) and get the loan?

I want to be a full time investor like my dad and think this is the best way to start. Do you guys think this is a good idea? I want to start as young as I can because I know that investing in RE doesn't happen overnight and that it takes time to start making significant passive income. Any advice would be great. Thanks

I wanted to 

To answer your question I am interested in buying multifamily style RE and keeping them long term. I also work up in Soldotna, Alaska as a fishing guide so that's cool you work in Alaska as well!

I grew up in the investing world because of my dad. I am now currently in college studying accounting and am looking to buy my first property soon. I am from Idaho but currently live in Phoenix and spend my summers working up in Alaska. I'm hoping that Phoenix is a good market to get into and start my career as a RE. I am brand new to this sight and thought I would just let everyone know a little about me and who I am.