House hack in College?

Question

I have been told that in college I won't have enough time to house hack but to me it sems like a stronger option than just renting for 4 years. Any thoughts? Also was thinking about buying a condo to rent out instead of house hacking in college. Thoughts?

Bob Willis · Answer

Who's telling you you don't have time? Stop listening to that person. House hacking does not take a lot of time, finding roommates and collecting rent. If you don't have time for that you don't have time for going to the movies, reading a book, working out.

Ryan Thomson · Answer

You can do it! Just have to get good at delegating and automation. Use your knowledge and drive to convince your parents to get a home near your college. Co-sign with them and put some money down with them if you can.

Buy it as YOUR primary residence with your parents as the co-signers. This would allow you and your parents to only have to put 3.5-5% down. Then you rent out the rooms to your college friends. This will probably allow you to live for free and your parents to avoid a dorm or expensive home payment while you are in college. Not to mention you can both cash in on appreciation and loan paydown.

If you really wanted to scale, you could do this each year. Rent out the last house to a new group and move with your friends to the next house. This is a great way to scale and you only have to put 5% down if its your primary residence each time.

You obviously need to convince your parents or (someone who would co-sign and help with the downpayment) about how good of an idea this is. But if they are savvy money people and they trust you (which I bet the do), then this seems very doable

Devin Dang · Answer

Thanks @Ryan Thomson! Happy to connect @Jake Burkons as im also in ATX,love to see youre thinking about this at a super young age.

Kenny Smith · Answer

@Seth Michael Carp

Go for it man!  Agree with everyone here.  My biggest regret in RE is that I did not start sooner.

House hack as much as you can, and it will set you up for the rest of your life.  One of my favorite quotes is "be willing to live a few years how most people won't, so you can live the rest of your life how most people can't".

If you are still in doubt, for sure speak with a local INVESTOR friendly realtor to help put your mind at ease.  A good one is worth their weight in gold.  You got this, best of luck to you.

Lawrence Potts · Answer

Whoever told you that you cannot house hack in college probably has never house hacked before. It's not too difficult if you do the necessary work up front. I house hacked while being married, working full time, and side hustling. It's not ideal or sustainable for a long time but still managed to do it. I still house hack today.

Condo might have HOA's against renting out to other people. I understand the appeal because they're generally cheaper, but it is up to you. Make sure you do your research.

If you ever need help going over a deal, post it here and we are more than happy to analyze it with you!

Best of luck and go make it happen. Prove yourself right, don't worry about what other people think you can and cannot do.

Ryan Thomson · Answer

@Jake Burkons you will need credit and income in order to qualify. Worth talking to a bank so you can get the experience and hear it from them first! I would connect with @Devin Dang

Jake Burkons · Answer

Hey Ryan, I'm currently in high school and I'm going to college next year. Do you think banks would give an 18 year old a loan to do this or should I build my credit first ? If so, what banks should I consult about this? I currently own a rental myself and have experience managing it.

Benjamin Carver · Answer

College is a great time to start. Just make sure you have an exit plan. For example, if you're a year or two from graduating make sure you know how you could rent or sell the property once you move out if you want to get another one or move cities/states, something like that. But college is when it's easy to make friends and fill your house hack up with people you know and like, versus complete strangers. And you already have a large demand to tap into if you can get yours close to your college.

Clay Asplundh · Answer

I did this exactly when I was in college. I bought a condo and rented out the other rooms to my friends. That condo ended up appreciating 50K in the two years I owned it. Definitely try to make it happen!

Bud Gaffney · Answer

@Seth Michael Carp go for it and never look back !

House hack in College?

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