All Forum Posts by: Sean Buchner

Hi, My name is Sean Buchner I am a college student and want to get into real estate, specifically house hacking for my last year and a half of college (to get started). I dont qualify for bank financing because I am a full time student not making money. I have a good amount of money in the bank and will make a good amount during the summer. I found a property that is listed for $140,000, I could afford an FHA 3.5% down payment but again I wont qualify. The seller is open to “private financing” Do you think offering to “rent to buy” would be a good idea? I am thinking of offering 500 a month for the next 3-5 years (400 toward principle and 100 for intrest). The 400 would pay down the 140,000 and I can purchase for the remaining amount (when I get a full time job and can qualify for conventional financing ). Assume the numbers woeK and the property cashflows while paying th 500 a month with 25% interest. Does this sound like a good idea (paying 25% intrest for a 2-3 years). No risk for owner, they make 500 a month and if I fall behind (i have the reserved that even if its vacant I can last even a full year of vacancy+more) I just hold the right to purchase while paying down the principle

Paul I am looking to house hack from my last year of school at UB. I have been generating leads and don’t need to much advise on the search but could you recommend your go to property managers (for when I move out and live on long island) and also lenders in the area. Thank you 

@Steve Aubuchon check your inbox for a direct message from me

@Alvin Sylvain I love the fire, got to make sure the numbers make sense but I see your points about the “trips to hell”, 3 weekends for awesome cashflow is worth it

@Alvin Sylvain I will be graduating and have a job lined up back home (8 hours away) where I will living at my parents second home (rent free) and making very good money. Would take up most of my weekend for me to “check in” once a week for 2 months. I plan on renting out all the rooms after school and cashflowing almost 750-1000 dollars while living rent free and making a good salary (i will be a civil engineer). I would surely be able to stack a ton of money and buy a second rental property within like 6 months if this plan is to work out

Hi, I am currently a college student and am looking to buy a 3-4 bed room home to live in next year (August- May) for my senior year, and rent out the other 2-3 rooms. Obviously August- May is only 10 months and I would spend most of January 8 hours away at home wih my family. Is there anyone from like the FHA that i could talk to in order to negotiate the 3.5% FHA loan, maybe change it to like 5-7% since i will won’t be in the home for the full 12 months? AND/OR Do you guys have any other ideas of low down payment options that would apply to me (either for full time students and/or someone living in the home for 10 months)? Thank you!

@Megan Phillips thank you. I may only be in the home for 10 months (August to may) so i was thinking about the “home ready loan” do you know anything about that?

Hi yall, I am a college student studying civil engineering, I have a job lined up for after school but I still have one more year of school after this year. I am thinking why not but a 4 bedroom house and live in it next year and get a 3.5% FHA loan. In the house market where I go to school (Buffalo NY) homes are posted for 100-140k, if I can find a good deal and say get a 125k house for 100k then I would pay 3.5k down + 3k closing costs. I would then be able to rent out the other 3 rooms right? I know you can do this with multi families but not sure if I can still rent out rooms in a single family with a FHA loan? *NOT SURE WHY IT WENT TO ALL CAPS BUT I CANT STOP IT* LOOKING TO THE FUTURE AFTER THE YEAR OF ME LIVING IN THE HOUSE FOR THE YEAR WHAT SHOULD I DO WHEN I MOVE BACK HOME AFTER GRADUATION AND NEED TO GET OUT OF THE FHA LOAN? IF I CAN ”FORCE APPRECIATION” WOULD I GET A STANDARD LOAN TO PAY OFF THE FHA LOAN AND THEN I CAN RENT OUT THE 4 ROOMS? THANK YOU

Hi,

My name is Sean Buchner I currently attend the University at Buffalo pursuing my bachelors degree in civil engineering. I wanted to see if there is anyone near the Buffalo NY to chat sometime and go through goals and plans. Let me know!

Thanks!