All Forum Posts by: Sammie Reynoso

well I actually do not have any student loan debt. I got a free ride through college (thankfully). It's simply the lack of monthly income since I only make about 10k annually . My credit score is on par, etc. it's just that I do not have a co-signer and with such a low income I'm not sure if i would even qualify for any loan. 

Could a "monthly allowance" from a parent be added to my income? That would significantly change my yearly/monthly income.

Thank you for your response. Any suggestions as to what could be a possible path to take for a first time home buyer?

My cosigner would have to have a low dti as well regardless of their income correct?

I'm currently a college student and have been looking for multi family properties to househack in Connecticut. I have a credit score over 700, been at the same job for almost 2 years, etc. the only issue is that I gross only about $1200 a month since I work part time. Would such a small monthly income affect my eligibility to be accepted for a 203k loan? If not, I'm not sure which route to take considering I have no one else to cosign for me.

Hi all!

First off, this is my first official post outside of the "member intro" sub! I am currently in college and I have wanted to expand my investment portfolio into real estate for awhile. I was looking into a FHA 203k loan and have looked into the qualifications of the loan. I have had a job for 2 years, I have a credit score of about 720 (only had the card for a little over a year) and I plan to "house hack" the property I (hopefully) get approved for. My only concern is that I make very little money since I spend most of my time in university. I know the DTI is a major consideration regarding getting approved for a loan so I was wondering if there is anything I can do to offset this downside? For instance, FHA loans only require 3.5% down but what if I save enough to put down 10% for instance? Would this offset the DTI situation or the fact that I make such little money per year?

Any advice/tips would be great! I plan to meet a mortgage broker next week and don't want to make myself look like a fool with such little yearly income. 

Also, the area I would invest in is around Connecticut.

Thank you for your reply @RickSantaseire! I would love to get in contact to discuss some properties/advice since I'm very new at real estate and a young investor.

Thanks for your reply! I was looking in Norwich because I've done some research and saw that it is one of the cities in CT that is appreciating in value at a pretty nice pace. I plan on getting a 203k loan to live in and renovate the place to end up renting to another tenant. Any advice? Also, when speaking about the "1% rule" as I have seen around, I see some people use either 1 or 2% as a rule of thumb for charging rent based on purchase price. In CT, should the rent price be 1% or 2% for the rule of thumb?

Hi all! I'm very new to real estate and am excited to gain as much knowledge to apply it to this business. Although this is not my career path, I have always loved the idea of designing homes or fixing them up and have been wanting to add real estate to my investment portfolio! I reside in Connecticut and am looking forward to being a part of this BiggerPockets community. I am looking into either house hacking/ investing into rental properties as I am a college student with limited funds. I have looked into FHA loans and are looking into many creative financing options. I am also wondering if there is any advice regarding renting to college students near local colleges and what is the best locations to look in for purchasing real estate as a newcomer. Any advice, tips and hints are incredibly appreciated. The areas where I most likely be purchasing in will be around Norwich, Mansfield, Stafford Springs, etc. Just wanted to briefly introduce myself and familiarize myself with the forum!