SoCal House Hack Idea’s with little saved

[Alexis Johnson]

I am about to finish my internship as a clinical scientist and hopefully pass the ASCP board exam ! I have a little of money left in my bank account and I want to house hack but I am not sure if 15k will get me anywhere in California. I used to rent in CA and moved to Virginia temporarily to do this internship so I had no income for a year just my savings and 15k is what is left. Now that I can focus on just working I want to house hack versus renting once I come back to California. What do you guys think ?

[Grant Shipman]

@Alexis Johnson

Start down the road. Worst case scenario you find out the numbers don't work yet and you've learned and grown and made good contacts.  Best case scenario you buy a great property with solid cashflow.  High upside now down side.  I'd encourage you to speak with at least 5 lenders to see what they can do with you.  Find a lender to tell you what you can do not what you can't- it's their job to help you navigate the loan world. Don't put up with lenders who don't give you their best. 

If you want their best, give them your best by doing the following:

1)  Create a secure online folder (like google drive) w/the following documents: pic of your drivers license, previous 2 tax returns, previous 2 months bank statements, previous two months pay stubs, screen shot of your credit score (like from creditKarma or something). 

2) Call up a lender. If they seem like they are worth your time, ask them if you can share your online folder w/them for them to briefly look over and give you real options for your real situation.  Tell them if there's a chance, then you are happy to fill out their online loan application.  Filling out loan apps can take a lot of time, so save your time by having them glance over your documents in the online folder first.  (hint- if you are using google you will need a gmail email account they use). 

3) Share the folder w/the lender. Remember to share "view only" and keep this folder secure, as it has your important info on it. 

4) You might even be able to share the folder w/them while they are on the phone w/you when you initially call. This depends on their schedule. 

5) Even if you've found an amazing lender, repeat the above steps with 5 lenders. 

Pro Tips: 

-ask the lender good questions and take notes so you can compare the lenders by looking over your notes later: How many loans did they close last year? How many loans have they closed so far this year? Are they a mortgage broker (you want a mortgage broker)?  Will they give you suggestions on how to qualify for loans that you currently don't (i.e. getting a cosigner)? 

When you decide on a lender, ask them for realtor recommendations. You want someone that they recommend and work together well with.  These two will be your key team. 

There's my best thoughts for you. Go live your day dreams!