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.
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.
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.
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.
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.
If you're looking to get in now, I'd consider seller financing a property in your local college market. That said, you're still going to want to have some income coming in so you have adequate reserves so I'd recommend getting a job.
The other alternative is to keep educating yourself, work in college, and then when you're out of college and have saved enough money to buy a house hack.
A 740 credit score at 20 is excellent, and house hacking is absolutely one of the best ways for a first-time buyer to get started. The challenge you’re running into isn’t credit or knowledge — it’s income documentation. With FHA and most conventional financing, lenders must verify stable and reliable income. That typically means W-2 or salaried income, or documented self-employment income shown on tax returns. Assets like stocks and metals are great for net worth and reserves, but they usually can’t be used as qualifying income unless the balances are very large and structured properly for asset-depletion guidelines.
In your situation, getting a job is realistically the strongest next step if your goal is to buy with financing. It doesn’t have to be a forever job, but it does need to be stable and documented. Even 6–12 months of consistent income can help, especially for a first-time buyer with strong credit and low debt. Some lenders will also consider your status as a full-time student combined with a new job in your field of study, because that shows a logical career trajectory.
The good news is this time doesn’t have to be “waiting time.” You can use it to save for your down payment and reserves, study your market, analyze duplex and triplex deals, and learn the operational side of being a landlord. That preparation often makes the difference between a stressful first deal and a successful one.
A six-month timeline may be aggressive without income today, but it’s not unrealistic if you start building verifiable income now and stay focused. Even if it takes a bit longer, you’re starting at an age where most people aren’t even thinking about ownership yet. That puts you ahead.
You’re on the right track — you just need the income piece to align with your strategy. Stay patient, stay educated, and your first house hack is very achievable.
Angel, you are correct thatFHA requires verifiable, ongoing income, so without it, qualifying will be very difficult regardless of credit or assets. The most practical path is to get a W-2 or documented income now, even part-time, so you can establish eligibility. In the meantime, keep building credit, save reserves and continue learning deals. Preparation now will position you to move quickly once income is in place.
Brick House CPAs53 Reviews