Updated over 2 years ago on . Most recent reply
House Hacking Through College
Hello everyone!
I am an 18-year-old student who wants to start a career in property management. My long-term objective is to establish a cash-flowing business using the BRRR method (Buy, Rehab, Rent, Refinance, Repeat). My goal for this year is to purchase a property that I can reside in during my college years. I have a consistent income, and I plan to save $8,000 to $10,000 for a down payment by late August this year, and I will use an FHA loan. I am curious if anyone has encountered a similar situation and if they have any advice or feedback, it would be highly appreciated.
Thank you!
Most Popular Reply
I wanted to start in college, and I found my biggest hurdle to be lending. IT IS POSSIBLE TO OVERCOME! So talk to an investment friendly lender now and make a plan!
In my case, I didn't have enough income with my part-time college job to qualify for a loan, although I had enough for a down payment and the rents would have supported the house-hack. Bringing in a co-signer, @Ryan Thomson suggested, would have likely worked. I was just 12 months away from graduating, so I decided to wait and then buy on my own.
If you are close to graduation, you can purchase a month or 2 before graduation if you present your offer letter to a good lender. I got a job offer letter in Feb. 2022 and got pre-approved, closed in April 2022, and I graduated May 2022.
If you aren't close to graduation though, perhaps getting a cosigner is your best option. BUT totally start a conversation with a lender who primarily deals with investors, they will give you the best answers!