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Updated over 3 years ago on .

User Stats

5
Posts
2
Votes
Ethan Brown
2
Votes |
5
Posts

Househacking into a second property - no employment income

Ethan Brown
Posted

Hey everyone! So I'm sort of projecting into the future here. I have purchased a home and secured 3 roommates, renting their rooms $800/month each. Purchase price of $266K. Recently renovated and I don't foresee any issues popping up but of course I have a reserve if something does. Being conservative, I'll cashflow about $900 a month but this could range from $900-$1200. Also starting dental school here in the Fall. My question is, is there a way to build equity quickly enough to purchase another home going into the 2nd year? I've gotten a lot of responses from students asking for available rooms and I would like to expand my portfolio as I progress into school/my career. Since I'll be starting school and will be without income, my dad had to cosign for the property I purchased recently. Will he have to continue doing so? Is FHA out of the question? I don't know if I'll build equity quickly enough but could HELOC be an option?

Don't wanna put the cart before the horse but I'd like to get a layout of what my options may be.

Thanks!