MF Investing 2nd property
Hey BP. I'm looking to get my next investment property next year . My strategy is house hacking /buy and hold. I recently got my gf into the idea of investing and she agrees on finding a 4plex or 3unit . The only issue is her credit but mines is very good I have a 750 so I was going to co sign so she can get approved so my question is would the buying power be low or would it fall under me ? We plan on using FHA and hopefully there will be some first time buyer grants out there next year . The only way ill get a 4plex is if we live rent free that's my goal moving forward for the next investment. pt 2 How did everyone else get their second property ?
Most Popular Reply
@Jerell Edmonds,
Great plan with house hacking for a 4-plex! If you co-sign, the loan will consider both your incomes but also both credit scores, so her credit could impact the terms or buying power. With your 750 score, you should still get favorable FHA terms, but talk to lenders about how her score might affect the overall approval. FHA also allows some flexibility with grants and assistance programs, which could help with closing costs or down payment. Starting rent-free is a smart move—it'll maximize cash flow but high purchase price and a low down payment make it challenging. Lov the thought process and that'll make you a very good investor!