Hello, Bigger Pockets. I have been fiddling with the idea of house hacking around the Univerity of Cincinnati. I see how much my roommates and I pay in rent each and every month and I still currently have 3 years left at the university so I figure I may as well have that wealth coming into my own investment.
I have been checking out Zillow just about every day for the past two months and new houses do get posted every once in a while. But what I have come to notice with being in such a hot market the houses that I would potentially want to buy get picked up in as little as one or two days.
I don't exactly know what to do because I would need to go through the mortgage process for the house and there isn't enough time because someone has already picked up the house. So then I thought about getting pre-approved for a mortgage but then I discovered this usually only last for 60 to 90 days. In this timeline what if nothing comes and I want to simply just have that money waiting for the deal to come up so I can move on it quickly as I need to after that 60 to 90 day period.
I have about $15,000 to use as a down payment that I have saved up from my Co-op money as well with a 740 credit score and I could also get my parents to cosign because they have always been more than supportive of my business ventures in the past. So I don't believe getting approved would be my issue.
Any advice or anyone who has done this same process before please let me know.
Find an agent and get preapproved. If you're looking everyday I'm sure something will pop up. Also check for small multi family places. 2-4 units. If they already have renters the lenders may count up to 70% of the rental income towards your monthly income.