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22 year old buying investment property to be rented?
Hi, I just turned 22 and I am eager and very interested in real estate. I was wanting to purchase a property in my area and rent it out. I know that I have to be careful and make sure I charge the right amount and save most of it incase of vacancy, etc. I was possibly thinking of a mobile home, because I can get about a 8 year old mobile home in my area for about $20,000. How would I get financing for this property and should I be looking into foreclosed homes or mobile homes to start out? I have about $2,000 in savings that I am willing to put down on the property, but have no credit and my income from my part time job is only 300 a month, which would cover the cost of property each month and insurance, but I know that the bank will say that isn't enought, due to other cost in life. Would they consider the fact that it is an investment property or how would all this work being 18, no credit, $2,000 cash! Thanks
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February 24th, 2009, 05:04 AM
