All Forum Posts by: Ryan Palczynski

Hey everyone! My name is Ryan Palczynski and I'm a new member in the South Bend, Indiana area. I'm actually a current freshman at the University of Notre Dame, pursuing a degree in Architecture and studying Finance and Real Estate on the side. I'm originally from McKinney, TX, an hour north of Dallas, but currently plan to settle down in Chicago working for an architecture firm after graduation in 2023.

I'm 18, but I've done a lot of research on real estate investing, and plan to begin wholesaling properties in the far north suburbs of Dallas like McKinney, Prosper, and Melissa, TX. Without any credit history, this is my best way to get started without having to put my own money down or be approved of a loan. I plan to start building credit soon by opening two new credit accounts with secured cards - that seems to be the safest way to start.

I'd like my first investment property to be a rental near the Notre Dame campus, and I'm aiming to purchase it over the summer before my senior year, giving me time to make small improvements to the property and secure tenants before the beginning of the academic year. Ultimately, I'd like to build a portfolio of cashflowing rental properties so I don't have to depend on income from a 9-5 job to provide for my future family. That's the dream: being able to provide for and spend time with my family, without being financially dependent on a time-consuming job.

Thanks for welcoming me to the community! I'm definitely excited to start on this journey. 

Ryan Palczynski

Hey y'all! I'm planning to get started early building my real estate portfolio, and I've done quite a bit of research on investing in rental properties. I'm currently a college student at the University of Notre Dame looking to acquire a rental property near campus to rent out by bedroom to other students. I'd like to "house-hack" this property, eliminating the expensive room and board fees of private school ($16k/yr!) while having my other tenants pay the mortgage and provide extra monthly income.

My plan is to invest in a rental property within a 2 mile radius of my college using an FHA loan - this loan is favorable to me because it allows for a very small down payment at 3.5% of property value, assuming a score above 580 (a percentage I can afford myself, and a credit score I have). However, one problem I may face with this loan is the need for documentation of a stable income. Being a college student, I have little documentation of this besides a summer job and a campus job, which together net me ~$6,000/yr. Given that this amount isn't enough to cover the cost of the mortgage payment and property taxes, would I need a co-signer/co-borrower to sign on the loan?

If so, what is the difference between a co-signer and co-borrower for a FHA loan, and which role assumes less risk? If my parents took on one of these roles, I would like to avoid any risk to them and their credit score, while still being able to use their history of a stable income to acquire this loan.

Which role can provide income history, while not having their credit score impacted?

If anyone has any other tips about FHA loans or renting to college students, please, let me know.

Cheers!