17 years old looking to house hack with dad
Member since 2025 · 3 posts · 1 vote
Hello, I'm currently 17 living with my father and sister. mom is split and is living on her own (out of the picture). Once my twin sister is gone to college I plan on house hacking a four-plex with the conventional 3.5% down on a FHA loan while my father lives with me. With the goal to slowly start to grow my real-estate portfolio. However, since I am underage and have no credit history, I won't be able to get a loan (I have around $1,000 in cash). would anyone have any advice for me when starting out? also how did you guys start building your network when just starting out? any type of input is extremely helpful as my only goal until I turn 18 is to learn as much as I can. thank you!
Hey Dalton, this is a great idea and awesome that you are already thinking about this. Here are some suggestions for where to start.
1) Consider a conventional loan over FHA if you are going to do this in DC area. FHA has a self-sustainability rule for 3-4 unit properties that makes it almost impossible to get FHA financing in high-cost areas like DC, California, etc. Conventional financing will let you do a 4 unit with 5% down without the self-sustainability rule.
2) Consider opening up 1 or 2 credit cards that you can qualify for to start building credit. Use them wisely (I recommend paying the balance off every 2 weeks but that is just how I built my credit personally).
3) Get a job ASAP. If you are just starting out and want to qualify soon, you have two options. Option 1: get a full time salaried position with an offer letter. Option 2: if the only jobs available to you are variable/hourly/1099 then you'll need 2 years of income history.
4) Drive the neighborhoods you want to live in and start understanding the areas, which ones are up and coming, price points, desirability, etc. Get to know the tenant/landlord laws and start to network with investors and property managers.
Hope these help and feel free to ask any lending related question you have and I can answer them!
Hey Dalton, this is a great idea and awesome that you are already thinking about this. Here are some suggestions for where to start.
1) Consider a conventional loan over FHA if you are going to do this in DC area. FHA has a self-sustainability rule for 3-4 unit properties that makes it almost impossible to get FHA financing in high-cost areas like DC, California, etc. Conventional financing will let you do a 4 unit with 5% down without the self-sustainability rule.
2) Consider opening up 1 or 2 credit cards that you can qualify for to start building credit. Use them wisely (I recommend paying the balance off every 2 weeks but that is just how I built my credit personally).
3) Get a job ASAP. If you are just starting out and want to qualify soon, you have two options. Option 1: get a full time salaried position with an offer letter. Option 2: if the only jobs available to you are variable/hourly/1099 then you'll need 2 years of income history.
4) Drive the neighborhoods you want to live in and start understanding the areas, which ones are up and coming, price points, desirability, etc. Get to know the tenant/landlord laws and start to network with investors and property managers.
Hope these help and feel free to ask any lending related question you have and I can answer them!
Hey Dalton - Awesome, that is a great goal. I wish I was thinking that way when I was 18 (or even 28 for that matter). I would work on increasing your savings as much as possible. I don't know about the prices for 4-plexes in your area, but you are going to want to build up your savings to cover the down payment, closing costs, and inspections in addition to saving a few months of reserves available for when issues come up.
The easiest way to qualify for a loan is likely going to be if your father can co-sign for you. He would need to qualify for the loan. I would recommend speaking with a few lenders in your area. They can help you understand what is going to be needed to qualify for a loan and they may even be able to recommend other options besides an FHA loan that would work better for your particular situation.
Dalton, respect to you for being so focused and forward-thinking at 17. That mindset alone puts you way ahead of the game.
One thing that helped me early on with building credit: once you're 18, consider getting a secured credit card or a low-limit starter card. Use it for everyday purchases like gas or groceries, but treat it like a debit card, pay it off in full every month. That consistency really adds up fast on your credit report.
Another option, some banks offer small personal loans ($1,000–$5,000). Taking one out and paying it off over 6–12 months is another solid way to establish credit history.
On the networking side: you're already in the right place. BiggerPockets is gold for learning and connecting. Keep posting, join local meetups or REI groups when you can, and just stay curious.
You’re off to a strong start, keep soaking up knowledge and asking questions. It compounds just like real estate.