Rice University Student Looking to House Hack for 2024-2025 School Year: Tips?
Hey everybody,
My name is Kevin and I am currently a Freshman in college at Rice. I'm looking to save some money on housing for the next school year, and also begin a potential career in real estate investing. As a result, I would like some tips for securing an FHA loan without having any consistent income (though I do have a credit score of 750). My parents would be willing to give me the money that would originally have covered my room and board for the year ($14,000) and I also have $10,000 of my own money currently in the bank which could cover a down payment.
I have a car, so location is flexible. I'm looking to potentially buy a duplex from a distressed homeowner or landlord and rent out the other half, and also take on a roommate. Ideally, I would also like the duplex to be under $150,000, which I have found several recently sold comps for, so I believe this is doable.
Paying a mortgage bill for a year won't be an issue, as my parents are supportive and want to help me build wealth while I am in college. I eventually want to move out of this unit and maintain it as a full time rental property. Does anybody have any stories of anything similar to this, or any potential issues you would see with this process? I am certain I would pay back a mortgage on time given my advantaged financial position, but I am not so sure a bank would see it the same way.
Thank you so much for any tips!