I want to house hack and obtain my first property.
Hey everybody! I just turned 20 years old a week ago and i've read a lot of articles, read a book, listened to podcasts; basically I've done my homework surrounding real estate. They suggested house hacking for somebody in my position. I can FHA and get approval for the first part of it because my credit score is 740, however, I have never worked a job besides when I was 16. I have no proof of income and I only do college. They say FHA requires an income and it can't be self-employed, so I can't include my investments in stocks and metals (estimated 10k). How should I proceed? Do I look for a job now? I wanted to look for a property and house hack in the span of six months but without a job, I fear it isn't going to be possible. Can anybody give me advice? Thank you for reading.
Most Popular Reply
Hello Angel,
Two common routes for people in your situation are:
1. Get a job with a steady income and enough income to help you qualify for a small multifamily (2-4 unit) property in your market, or 2. Partner with someone who can qualify for a small multifamily mortgage.
Many lenders require ~24 months of employment, but there are exceptions for people who spent part of that time in school, serving in the military, and more.
Either way, you'll likely need to get a job to cover some of the property's fixed or variable expenses, i.e., utilities, taxes, maintenance, repairs, etc.
For starters, you can educate yourself on what's happening in your market and connect with an investor-friendly real estate agent.
All the best!
Abel
- Abel Curiel
