House Hacking After College Graduation
Hello all,
I am graduating from college this upcoming Spring and will be starting full time work in September. With the 3 months I have off for the summer, I am thinking of trying to find a duplex or triplex in the Minneapolis market to do a house hack. I plan to take the summer to renovate the property and find quality tenants.
With that being said, this would be my first purchase. I've read a number of articles and books and am confident that I have the abilities to pull it off, but the biggest question I have is on the financing component of the deal. Obviously, as a college student I don't have significant savings but I believe that I would be able to raise enough for a down payment of on a cheaper property in my market. However, the big question I have is how could I finance the repairs on this home? I would like to take a BRRR approach, but raising enough cash to purchase and rehab the property isn't possible for me. Would it be possible to receive a loan that would also cover the initial rehab costs, and then refinance after 6-12 months?
Any other general advice for someone in my position would be greatly appreciated!
Best,
Patrick