Is it possible to buy a house at 18 if I'm self-employed?
Hi everyone! I'm a 16 year old girl and will turn 17 soon. I have about $13,000 saved up because of my small business and I'm also a social media manager.
I really want to get into real estate and buy my first house when I'm 18 that I'm going to house hack. I'm not sure if it's possible in my situation, because I know that you need to be self employed for at least 2 years to be able to get a loan, and I don't know if the lender will take into the consideration the money that I have earned before turning 18. If not, then I will have to wait until I'm 20 to buy my first house. However, if I will get a job somewhere, it will be much easier to get accepted for the loan and I'll be able to do it earlier.
What would you recommend me to do and what else can I do right now to prepare to invest in real estate? Thank you so much!
Quote from @Dasha Taylor:
1. You need to start building credit. You do this by becoming an authorized user on your parents credit card. You don't have to use the card! You can build credit based on how your parents use the card. NOTE: only do this if your parents are responsible users with strong credit scores!
2. Talk to a lender now. Find out what their requirements are. Ask for tips on how you can build credit, strengthen your financial standing, etc.
3. Talk to your parents, or another trusted relative, about co-signing a mortgage with you. You may be able to qualify with their financial record. You should only do this with someone you trust 100% and only if you are 100% trust-worthy yourself. Don't ever get into business with friends or family if there is even the slightest chance it could interfere with your relationship.
I have a 17-year-old daughter that is saving up to do the same thing. Wise choice!
You can buy a house now.
Put it in someone name that you totally trust
Hope they trust you.
Give them some appreciation for it
Is the Forum going to hate me.
