International student trying to house hack in Hyde Park (!)
Hello BP community,
I am an up-coming junior in University of Chicago and am looking to purchase my first rental property through house hacking in order to get in with a low down payment (also just to save money on renting for the next two years). I have been fascinated by this whole idea and really want to jump in (ofc! I will take my time and make a good decision). However, I do have a couple of questions, and any input form the community would be so so appreciated!
1. Seasonality of tenant’s demand outlook?
UChicago is mainly setting housing by year, so I am worried that if I purchase a place in between April and July it would be hard for me to find enough tenants (since students usually get their lease by May by my very limited experience). Does anyone have insight on that on what the demand will be starting summer?
2. International student (!) and loans
Yes, so I am an international student. I got so excited when I see the details of FHA loan, but the hype disappears when I realize that it's for U.S. citizens only. However, I am trying to look for other friendly loans. I was wondering if people have any recommendations for international student? Or even should I just find an American friend an co-sign?
3. Recommended Agent?
Last but not least, any recommended agents in hyde park?
P.S. I am currently preparing for required documents to see how much I can borrow based on my current amount of deposit.
Thanks!