Hello! I'm new to this all and have a few questions I'm hoping someone might be able to help me figure out.
I'm trying to purchase a 3 bed 2 bath house in a college town. It currently has tenants but I would most likely seek new ones as they are the current owner's relatives and not paying much in rent. I have enough for up to a 20% down payment but that would stretch my finances fairly thin. The house needs some work but mostly just new carpets/floors. I'm a first time investor and would like to "house hack," so I can establish residence there and at least cover the mortgage with the other rooms.
The real questions that I don't know how to answer are the due to the fact that I'm a 1099 and have been for years. My work is seasonal and I'm in the off-season so I don't have much other than my word to say I'll have an income this year. I have a blood relative who is willing to co-sign with me or take the loan out in their name. Should I try to secure a FHA first time homeowner's loan so I can put a smaller payment down? Would they even consider me as I have an odd work situation and would need a cosigner? Or would I be better off seeking a loan through my family investor and putting down a larger deposit?
I would be so grateful for any kind of advice or knowledge! Thank you!!
I would definitely try to go the FHA route
Call 4-5 banks and get appointments. Some will work with you, others might not. Having a letter from your employer sayinng you have work again in the busy season may help your cause
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing