Buying your First Rental Property
When you’re in college, the best thing you can do is do your best to earn $10k over the course of four years. Because that 10,000 you make can actually set you up for retirement for lifetimes to come.
An FHA loan allows you to put only 3.5% down to secure your very first home. The best part is that the home doesn’t even have to be one that you for every month!
How? Here’s the quick 411
- Have a steady full time job that pays atleast $35,000/year
- Save $15,000 over the course of 2-3 years
- Find a house in an urban city not worth more than $200,000
- Search for a fixer upper!
- Close on the house
- Invest the extra money into paint for walls and molding.
- Install new carpet
- Airbnb the property
- The property will pay for itself
- You can save all your “rent ” money
- Repeat the process
- You pay Mortgage Insurance Premium every month
- Low credit requirements
- Need to have a stable full time job!
You can make it happen! College, or no College. This is a very realistic dream!!!! Contact me to buy your first home and set yourself up for early retirement!