Hey guys and gals, I am graduating in a few months and I'm planning on house hacking a duplex or Triplex to start out. I used to rent a duplex with my brother, and today I saw a Triplex for sale on the same street.
I'm not making much money right now, but my brother has a decent job, and between us we should be able to get the down payment and closing cost $ together. Like I said, I graduate in April (I'll be making good money by May) but I have some grandparents that have enough money to front us for the down payment.
Would it be a feasible idea (as long as the numbers work) to co-sign with my brother, using the down payment from our generous grandparents, and to try to get pre-approved by our lender for an FHA loan? Or should I just wait until I graduate and can do it all alone?
I personally think it is a good idea to jump in now. House hacking a duplex using an FHA loan is how I got my first deal. If i were in your situation I would jump in now then start saving up for the next one. Why save now to jump in then start saving again? Get that deal and the extra income now! Half of a deal is better than no deal!
Jump now! FHA is an awesome tool for your first property. Start putting your money to work now instead of waiting.
I must admit my disappointment though. When I saw the title of your post I was hoping it was Hulk Hogan. "What are ya gunna do, brother?!" What a terrible reference...I hope at least one person gets it!
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