Househacking While in college.

[Jack Hamm]

Hello BP, I am a 19 year old investor and looking to get started on my first house hack while being in college. First some information about the situation I would be living in this home for 2 years and renting to tenants for 10/12 months during the year. I plan on buying this home with an FHA 3.5% down loan. I plan on buying a single family with 3/4 bedrooms. My issue is that I will most likely need a co-signer this would end up being my mom or uncle. My question to you is what is a very complete list of information that I need to present to my co-signer so I can make them feel confident in the deal as well as what information do I need to know about the property to make sure that it will be profitable and a good fit for me. Thank you so much for any help!

[Julien Jeannot]

Couple things comes to mind.

- The business plan w/financials. Purchase, operations, and exit. Comps in the area of property price, & rents to support. 

- Property management plan. Lease, rules, plans address common issues such as maintenance, evictions.

Essentially, what are the worse case scenarios and what is you plan to address.

A list of mentors or resources will also provide comfort and make up for lack of experience.

Last but not least. Ask the cosigner what their concerns are and come back with a plan to address.