22 Full-Time College Student With Part-Time Job Looking To Househ

[Joseph Tuccito]

Hi BP family !

As stated in the description I am a 22 Full-Time College Student With Part-Time Job Looking To Househack. I am originally from NY but currently live and intend on living/investing in Tampa,Florida.

I have always been interested in real estate and determined to have financial freedom! (recently got $750 bird-dog fee check!) After reading plenty of RE books, listening to BPs podcasts, and surfing the web I am very interested in house hacking a duplex where I will live on one side and rent the other. My plan is to get a FHA loan and put 3.5% down with 5% IR. I am thinking of buying the duplex in the range of $100,000-$250,000. I recently read Scott Trenches "Set For Life" and understand the importance of saving as much cash as I possibly can, my goal is $20,000 by 2020.

The problem is getting FHA approved as I just recently got a credit card and trying to get my credit over 580. I also need proof of at least 2 years stable income. Obviously due to school I cannot do this so my question is what can I do RIGHT NOW to help speed the process up and if there is anything else I can do to make this investment go more "smoothly" when it occurs.

EXTRA: I recently got a job that pays around $450 biweekly. I only have about $1,000 of savings but putting about 80% of my paycheck to this fund. I will hopefully have a full time job after I graduate in June of 2018.

[Antoine Martel]

I think that first need to build up some of your own capital or spend all of your time raising money and finding deals. 

Doing the whole FHA thing is going to require you to have the w-2 income which will take your two years. So in that two year period I would build a team, find deals, and raise money for those deals. Bring in these partners are JV investors on your project and put no money of your own into these projects. Yes, its going to hard. But that is what I am doing right now and it's going very well. I just graduated college and I'm 22.