I am just starting out in real estate investing, my plan is to specialize in multi unit homes and rent out but for my first investment i plan to buy a duplex or a 3 unit home and plan to live in one unit myself and rent out the remainder, the problem if you consider it a problem is i go to the University of Connecticut full time and just picked up a job on top of that where i make about $900 a month i have established credit since i was 18 and have good credit, would it be smarter to get a loan from a bank/mortgage broker or a hard money lender? Would it matter to them if i am a full time student? How does the process work for getting a mortgage vs getting financed by a hard/private lender? I would like any help or advice from serious investors. Thank you
Hard money lenders are not meant for long term financing. Infact I’ve never seen one with a term longer than 18 months. You wouldn’t want a HML for the long term because of the exorbitant rates.
Your best bet would be a conventional loan combined with a second mortgage coming from the seller or another lender. You may better off buying a building with 5 or more units because your personal income would be irrelevant. Ideally you should try to make a profit even while occupying a unit.
Being a student should not matter.