Seeking advice for house hack financing

[Danielle McMurphy]

Hi there everyone!! I would so appreciate any advice or insight you guys can give on my situation.

So I'm looking to house hack a multifamily property in Boise using an FHA loan. Here's the tricky part (besides being in a hot market)- I work as an assistant horse trainer which brings in very minimal income for me but I've been able to scrape by because my monthly expenses and debt to income ratio is extremely low, and I've been able to save enougu for a down payment. However, I know I probably won't be able to qualify for a loan on the small income I receive so I was thinking I could get a second job waiting tables or something similar in order to increase my income enough to qualify for anything.

I guess one question I have is how long would I need to have worked this second job before I could start using it as proof of more income in order to get preapproved for a loan? Is there something I’m missing or not considering in all of this?

I am also just very curious if anyone has any further insight or suggestions as to how I could go about this whole process? I am very eager to learn and want to get started investing. My situation feels a bit complicated but I am determined to figure out some way to get into my first property. I’d be so appreciative to anyone who takes the time to weigh in on my situation. Thank you in advance!

[LeAnn Riley]

@Danielle McMurphy You took the first step in getting started, asking questions. One idea is to look for your first roommate if you are going to house hack. Maybe together you could buy the first property. Some people have money and no time or interest in figuring out the real estate part. Others, like you are very interested in becoming an investor but short on the money.

Also, I would suggest you find an agent because many times they have preferred lenders and also know of programs to help buyers. For example:  Here in MN we have down payment assistance that helps with closing costs, though you still need to have the income to cover the debt.