College Student House Hack

[Tim Webb]

Hello BP World,

I am looking into trying to do a house hack for my son, he is college student attending a school in the Bay Area with a job and great credit. He would be the primary borrower and I would cosign on the loan with him, supply the down payment as well as cover any additional costs. I was thinking an FHA loan due to the low-down payment, and my son would be living there so it should cover the owner occupancy. We are thinking this would be a great learning experience for both of us, a way to reduce living expenses and get some appreciation. This would be our first rental property so any words of wisdom or guidance would be welcomed.

[Rick Albert]

I think this is an amazing opportunity for you and your son. Depending on what you all intend on buying, maybe consider a 3% conventional loan if it is a condo or something similar. Avoid the FHA fees and you can use the FHA loan for the next house hack.