I am 18 years old and I’m trying to get started in real estate investing while going to college. I own a home that I am currently renting out till there lease runs out then me and 3 friends are moving in. I am unsure of how to get started? I will only be living here 3 years then I’m off around the world for the air force. I want to flip houses, but what is the best way to secure financing considering I don’t have 2 years of tax forms, but I do have the assests for a down payment and repair costs.
any help would be great!
You have already started. You own a house and you are collecting rent.
Do you have a mortgage on the house that you own now? You are charging your friends rent correct? When do you want to flip houses before you are away in the Air Force or when you come back?
Use the equity, if any, in the house that you own to get your flip houses. If there is none then pay it down as quickly as possible using the rent that you collect.
That is pretty ambitious a plan though if you are going to landlord to your friends, finish college and flip houses before joining the Air Force in 3 years. It can be done but stay focused - good luck.
Yes I do have a fixted rate 30 year mortgage at 6.25% and I am collecting rent from my friends (scary isn’t it)
I am trying to make as much money as I can before I hdead off to pilot training, before that I plan to put all the equity I’ve earned into rentals where my dad can manage them back in my home town.
Whats the best way to go about getting financing especially since I don’t have any tax returns, I have plenty of money already for repairs and a good down payment?
First of all, great start! I’m also 18 and plan on owning my first rental this summer! As far as loans, I also will have problems doing that, therefore, my dad will be getting the loans for me while I work on my credit.
Where do you live?
Well I’m currently in manhattan, ks but my hometown is leavenworth (Home of the famous federal pen)
Great thing about living in manhattan is the home prices are on the rise because the big red 1 infantry is getting moved to fort riley the nearby military base. Although new houses are springing up everywhere, and in my opinion are horribly built and way to over priced.
Where do you live at?
Haha wow, I’m in Mississippi, a little farther south! Do you plan on holding rentals or flipping when you get out of the air force?
While I’m in the air force I plan to invest in rentals and hold them, you can get a good monthly cash flow here from military rentals.
If I get into it real good I’ll hopefully get into some commercial property, but for now I plan to own as many single family homes as I can.
You have already started, but what do you need financing for ? OK I know but you can buy subject 2 with no credit, or do assignments and double closes. No money required ! Darin