I'm a student the University of Louisville and I'm debating trying to buy a house in the area. Essentially, instead of paying rent, I would be paying a mortgage. I currently only have about $5k saved that I could use for a down payment.
The plan would be to live in one bedroom and rent out the other bedrooms to college students. I think that would take care of most of the mortgage.
Then I could leverage the equity I've built in that house to buy a duplex after college. Then I would rent out the entire house and one side of the duplex.
Is this a reasonable goal or will it be impossible to get a loan with my almost non-existent income?
I know I can put estimated rental revenue as income, but I'm not sure if I would qualify.
I'm also not sure if buying a house at my age (21) is the right move.
I have a paid internship, so my income is decent for a college student, but not large by any means.
Would it be better to keep my focus on the stock market? I'm trying to diversify my portfolio and asset allocation.