Cosign & buy now vs waiting it out

[Chad Simmons]

Hello BP Family!

My name is Chad Simmons. I'm a medical device sales rep from Mount Dora, Fl. I'm looking to "House Hack" my first deal by purchasing a SFH in which I plan to live in while having roommates/tenants. However, I'm an independent contractor and have to show AT LEAST 1 year of paystubs in order to qualify for a loan.. which is about 7 months from now (I just started working after graduating from college).

I feel as if I have 2 options. I can partner with a local REI friend or my father to co-sign as a loop hole to get a mortgage (I'm fully capable of paying for it)... knowing I'll need to eventually refinance to get them off the loan.

Or, I can wait it out, continue to study, perfect my craft, and prepare for the time when I’m able to get a mortgage on my own. I’m very eager to stop renting and starting owning. I’m not sure if I should wait or utilize someone who’s willing to co-sign. I figured advice from people who have been doing this much longer than I have would help me in my decision.

Thanks in advance for taking the time to read this!

Chad S