All Forum Posts by: Michael Kim

I am currently a business student in University of Michigan, but even though this school is known to prepare students well for investment banking or consulting it seems like there really isn't a real estate program. I really want to get in commercial real estate developer field but I don't know any good companies to intern or work at to get my experience and what to prepare to get into that field as a college student. Does anyone have any advices?

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Originally posted by @Caroline Gerardo:

If you have no income you cannot close with a conventional lowest rate loan. IF the property can cash flow with percent left over (meaning you have a large down payment of 20-30% you might be able to get a mortgage. Who told you your parents can't cosign or help? If parents have income, credit in the US, and bank assets they can help your application "boost up" How is your credit? How much savings? Do you have any W-2 income from summers?

Thank you for the reply!

Both of my parents have jobs in Korea and have no credit in the U.S. I've been staying in the U.S by myself since high school and they financially fully support me which allowed me to pay rents and credit card bills for a while and build my credit score to 740. However, my dad was ineligible to become a cosigner for both my sister's car loan and my student loan according to the lenders so I assumed that he won't be able to cosign for the mortgage too. I currently don't have a job but I've worked during high school and have about $30,000 saved as stocks and cryptos. My parents are definitely financially capable to pay for the mortgage but they just don't have credit in the U.S.

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Hi! I was born in the U.S but moved to Korea in an early age and came back on high school freshman year by myself. I am going into college this year and interested in house hacking, but it seems like even though my parents are financially capable to be a cosigner for a mortgage, just because they don't live in the U.S and don't have a citizenship, they are ineligible. I was wondering if there is any other way to find a cosigner or get a mortgage without a cosigner as a student status who doesn't have enough income. Also, I read in the book that lenders focus more on a property's cash flow and profitability more than the borrower's credit and income in case of a commercial property, and a multifamily complex more than four units can be categorized as a commercial real estate. Does that mean as long as the complex I chose to house hack have enough cash flow, I can be qualified for a mortgage without a cosigner?

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All Forum Posts by: Michael Kim

Michael Kim has started 2 posts and replied 3 times.

Post: Path to become a commercial real estate developer?

Post: Getting a mortgage as a student without a cosigner

Post: Getting a mortgage as a student without a cosigner