Looking to buy in my college town

Hi everyone! I’m a 20-year-old architecture student hoping to buy a property in my college town within the next year or so, and I’m looking for advice on what I can do right now to put myself in the best position possible.

I know some people may think this is unrealistic, and that’s okay. I’m not looking for people to tell me to give up. If it doesn’t work out next summer, I’ll still have built savings, improved my credit, and learned more about the process for when I am ready. I’m trying to be intentional and set myself up for success.

A little background:

I’m an architecture student with minors in sustainability and construction management. My family has years of real estate experience and multiple family members have real estate licenses, so I have people who can help me evaluate properties and avoid mistakes. I currently rent in my college town, and my lease ends next summer.

My goal is to buy a single-family home, condo, or small multifamily property, live in it for at least a year, and rent out extra bedrooms/units to offset costs.

Long-term, I would ideally keep the property as a rental after graduation rather than flip it.

Housing demand is very high here because of the university, so I’m not as worried about finding tenants.

Properties in my area that fit what I’m looking for are generally around $135k–$300k, though I would prefer to stay toward the lower/middle end.

My credit score is currently around 650.

I have about $9k in credit card debt, which is being paid down by both me and a family member.

I currently work about 20 hours/week at $15.81/hr and am expecting a raise soon.

I got a serving job as well, which will hopefully increase my income.

During the school year I may have to reduce work hours because of my course load.

I also receive VA education benefits, usually around $1,000/month, which wouldn’t necessarily help me qualify for a mortgage but would help me cover expenses if something unexpected happened (like a roommate leaving).

I’ve looked into FHA loans and understand that I’d likely need around 3.5% down plus closing costs.

What should I focus on over the next year to make myself more mortgage-ready?

How much should I realistically aim to save?

Is buying while still in college completely unrealistic, or is this something people have successfully done?

Would a co-signer/co-borrower (for example, my sister who has good credit but currently rents) realistically help, or would it create more issues?

Are there any things first-time buyers wish they had done earlier?

I’m not expecting this to be easy, and I’m not trying to buy a huge house. I’m mostly interested in creating a plan and making smart moves now so that I have the best chance possible.

Thanks!

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source https://www.reddit.com/r/RealEstate/comments/1uy9hza/looking_to_buy_in_my_college_town/