What uni are you planning goin to? if you decide to go to Akron OHIO let me know i’ll hook you up ;). But for the advice part, all you have to do is find the place and go shopping for a lender. since you dont have that much income tell him you want it to be a STATED income, OWNER OCCUPIED and since its only a 2 unit, it will be the same as buying a SFR. Its no big deal as everyone starting out thinks it is. Just go talk to a broker or some lenders and tell them what you want to do. Try to aim for 100% financing and if not, ask your mom to give you a gift of 5% of purchase price.
Good Luck
-Chris-
I am a 19 year old ambitious college student who is looking for a way to finance a duplex. I was wondering if anyone could point me in the right direction in how to get financing. I am looking at a one year time line and have been building a good credit line for over two years. I go to school full time and work part time for a little over minimum wage. I have convinced my parents that this would be a good way of helping me pay for college and getting an investment at the same time. My parents have a fairly high income but a poor credit history. Next year I will be graduating from a local college with an AA degree then will be transferring to a large university where I will go for my BA degree; and will need somewhere to stay. That?s were the duplex idea came into play. I want to be able to live in one part and rent out the other side. Any ideas of thoughts on how to accomplish this plan would be enormously appreciated.
Thank-You
Tara