Hi BP family !
As stated in the description I am a 22 Full-Time College Student With Part-Time Job Looking To Househack. I am originally from NY but currently live and intend on living/investing in Tampa,Florida.
I have always been interested in real estate and determined to have financial freedom! (recently got $750 bird-dog fee check!) After reading plenty of RE books, listening to BPs podcasts, and surfing the web I am very interested in house hacking a duplex where I will live on one side and rent the other. My plan is to get a FHA loan and put 3.5% down with 5% IR. I am thinking of buying the duplex in the range of $100,000-$250,000. I recently read Scott Trenches "Set For Life" and understand the importance of saving as much cash as I possibly can, my goal is $20,000 by 2020.
The problem is getting FHA approved as I just recently got a credit card and trying to get my credit over 580. I also need proof of at least 2 years stable income. Obviously due to school I cannot do this so my question is what can I do RIGHT NOW to help speed the process up and if there is anything else I can do to make this investment go more "smoothly" when it occurs.
EXTRA: I recently got a job that pays around $450 biweekly. I only have about $1,000 of savings but putting about 80% of my paycheck to this fund. I will hopefully have a full time job after I graduate in June of 2018.
I look forward to hearing from you guys!
THANK YOU SO MUCH FOR TAKING YOUR TIME AND READING THIS
I am glad that you joined BP! I am a new member as well in the Philadelphia area.
I am a new investor and I am taking the steps you plan on right now.
I am 2 years out of college and I was able to save up 30,000 to purchase my first MFH (Triplex).
I`m getting a FHA Loan as well and have the Home inspection tomorrow. My advice to you would be to follow the blueprint you have. Save as much as you can and don`t let friends or family convince you otherwise. I have both telling me I should do this and that and now 2 years later they are asking me how I saved up so much money.. lol Stay true to your plans. You will have nights where you will be reading and researching non stop but continue to do so. I will update on how my process is going and hopefully somewhere down the line we can link up and share ideas. Good Luck!
If you have a family member with a credit card, especially one they've had for awhile, ask to be an authorized user. Make sure its a real credit card and not a store card. Also make sure it has a low balance and they pay it on time. Most companies will back date you account to when the account was first opened. So if your mom has had a Visa for the last 10 years, and you're added to her card. It will show your account being 10 years old. It's the easiest and fastest way to build credit.
Keep your credit usage as low as possible as that will be roughly 30% of your credit score. Maybe pick up another part time job during your last year of college to add to your savings quicker. Really get to know the different neighborhoods/suburbs of Tampa. Knowing your market area will really help you when the time is right to buy. Start building your Tampa network of mentors and contractors. Having these in place ahead of time will definitely speed up the process once you begin a house hack. Start learning how to screen tenants/what websites and services to use for attracting renters. Go to local REI meet ups and network. This should get you started in the next 8 months. Good luck!
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