Buying investment property while in college

[Zach Hooper]

Hello everyone, 

I'm here here to BP. I am currently about to attend UC Berkeley and looking to purchase a multifamily home. I have the necessary capital and credit, I just dont have the income just yet. My question is, in the bay area, if I were to rent out each room individually in a multifamily house, sort of a dormitory, or shared house for college students. Could I use that projected income to qualify for the loan. 

Also, would it make a different whether the loan was a commericial, over 5 units, or conventional in how I qualify. 

Thanks a lot!

Zach 

[Mark Otto]

My experience is you can't use rental income as personal income unless the property has historical income that can be verified by the bank.  So if you're just buying a house and converting it to a different use, good luck.  You must have some deep pockets to be a college student and buying a house in the bay area.  I think I would take your parents money and invest it on impressing the ladies and having the best 4 years of your life.  Good luck regardless.