Rental Property Investor · Indianapolis, IN · Member since 2020 · 13 posts · 5 votes
Hey fellow BP forums members! I am 20 years old and a new RE Investor looking to get into my first househack within the next year. Being young and a college student I do not make a ton over the course of the year, at least not a ton that is taxed. Currently I work a part time job year round and during the summer I work a full time job being paid by a family friend so I am worried about being able to show a steady income that lenders would like. So, I am not sure if I would be able to get approved for a FHA loan which I believe would be ideal for me. Maybe I could discuss getting someone to cosign on a loan with me? With that being said I am curious what ways others might recommend I go about financing a deal. Any advice and takes on my situtation will be much appreciated!
Having a cosigner or co-borrower would probably be the easiest route, if you can get one. If not I would then look into seller financing or potentially private money. I am currently 17 and I plan on having my dad cosign on a property for me my sophomore year of college.
Having a cosigner or co-borrower would probably be the easiest route, if you can get one. If not I would then look into seller financing or potentially private money. I am currently 17 and I plan on having my dad cosign on a property for me my sophomore year of college.
@Account Closed I appreciate the input. I had thought about seller financing, but not private money. I just recently thought about the fact that I would probably have to get a cosigner in order to be approved. I have talked to my parents many of times about my plan for househacking, but since I had never considered needing a cosigner I have never brought that up to them or asked. I'm curious how you went about this with your dad. Was he onboard from the start or was this something that he needed major convincing on?
Congrats to you for your ambition! If you are looking to connect with someone for some guidance or advice, feel free to reach out. I also recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Even if you're already 21 or older, it has some great advice for getting started. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/
@Dan Sheeks Thanks Dan! The article was really good and provided me some good insight. It really makes me wish I would have been interested in RE back in high school so that I could have been working on this stuff earlier. Luckily, I have a good credit score and have been saving money since then anyways. I'll definitely stay in touch, I appreciate the willingness to help!