College student w/ no real income apply for mortgage?
I am a sophomore in college (civil engineering) who is interested in buying my first Investment Property. I’ve read several books on the process an understand the fundamental ideas behind Investing In Real Estate.
There is a home for sale on a popular street on campus which is annually rented to university students. With the mortgage quotes I’ve found, with 10% of the asking price down, after property taxes, insurance, legal fees for title transfer & other closing costs, the current rent would still make this house a money maker (assuming no HUGE maintenance problems come up), or at least break even.
Only problem is… I’m a student, with virtually no income. I hold a part time job (at a real estate management company, actually) but I doubt that’ll count for anything with the banks. If I could come up with the 10% down payment, is there a way that I could qualify for any type of mortgage? Is there any way that it could be viewed as a student loan of some sort? Thanks
I doubt it is legal to use student loan to buy investment properties.
No, you will not qualify for a loan. In order to qualify you need both a down payment and some way to pay the loan if the building is vacant. You can only count rent from property you already own as income.
RE Development Financial Modeling Basics – 1/3
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