House Hacking For Students

2 Replies

Hey Everyone,

I am Abbas, a grad student from New York. I have been following BP on YouTube for about a month now and love the videos and simple explanation.

Being a student, my major most monthly expense is my rent (obviously!). House hacking is particularly fascinating to me, however, I have a question before I dive into it:

Q) I will be graduating around the year 2022. I am not sure if I will be staying in the city after that based on the university/company I get into after my graduation. With that said, if I start house hacking with a mortgage to pay, the mortgage payments would last for at least 5 - 8 years or more. In that case, I am not sure if I would be in the same city or not until I pay everything. Is it advisable to go for house hacking in this situation. If yes, please suggest the ways out.

Thanks,

Abbas

Originally posted by @Abbas Kabir :

Hey Everyone,

I am Abbas, a grad student from New York. I have been following BP on YouTube for about a month now and love the videos and simple explanation.

Being a student, my major most monthly expense is my rent (obviously!). House hacking is particularly fascinating to me, however, I have a question before I dive into it:

Q) I will be graduating around the year 2022. I am not sure if I will be staying in the city after that based on the university/company I get into after my graduation. With that said, if I start house hacking with a mortgage to pay, the mortgage payments would last for at least 5 - 8 years or more. In that case, I am not sure if I would be in the same city or not until I pay everything. Is it advisable to go for house hacking in this situation. If yes, please suggest the ways out.

Thanks,

Abbas

Hello Abbas and welcome to the BP forums!

That is a great question, but it is difficult to get you an answer without knowing more about your situation. Whether or not it makes sense to house-hack until 2022 will depend on your down payment amount, criteria (location, price range), and other factors.

That being said, if there is an opportunity for you to hold onto the property if/when you move away that could be your "way out". Essentially, you'd live on the property until 2022 and rent out your unit once you leave town. If the deal allows it, you can refinance at that point if needed.

Best of luck to you moving forward!

Abel

 

Hi Abel,

Thank you for your response. That gives me more clarity. I haven't started my real estate investment as of now and I am still in the learning phase and getting my questions (based on my current and speculated situation) answered as and when they pop up.

Thanks again! :)

-Abbas