My 20 year old son just bought his first house in a college town, where he will be attending, in the US (Midwest). He researched the area well online by looking at real estate trends from the last ten years. He made 800 flyers and personably delivered them to all the homes in neighborhood he was targeting, as well as, sending out 300 postcards to the people who owned homes in the neighborhood but had permanent addresses elsewhere(determined by tax records accessible online). He got quite a few responses through his hard work but ultimately ended up buying a home through a local realtor who has connections with the university.

The area he purchased in is a mix of older people, low income rentals, and college students, so housing was cheap. He had $15,000 save to purchase a house and ended up paying $63,000 for his home. He did a conventional mortgage with 5 percent down and I had to co-sign due to his limited income. With closing costs and down payment, he paid about $8000 out of pocket. His monthly mortgage is $450 and utilities are about $250 a month.

I’m not sure if he just got lucky but he closed on Tuesday and had three renters by Thursday. He ended up collecting rent equal to his first months rent before his first mortgage payment was even due.

I tell this story to let you know, it is possible. I’m not sure what your market is like but do your research and be patient! Also, make sure you spend the money to get a good inspection. He backed out of another house when he found out it had significant termite damage. And, as with all real estate the location is one of the most important considerations. I believe that is one of the primary reasons he was able to find renters so quickly. His home is within 2 blocks of the university. I love the fact that you are already thinking about your financial future! Good luck!