Im 17 and want to buy a house...

Rental Property Investor · TN · Member since 2024 · 12 posts · 9 votes

Hello all, I am 17 years old and have multiple hundreds of thousands of dollars. I was wondering if anyone had any ideas on if I should house hack while in college. I will be going to college for 4 years and would love to build equity in a home, I don't mind paying on the mortgage as I have a great income but I would like to lower the payment by having 1-2 roommates/tenants. Is this a good idea? And if so should I be looking for a duplex or just roommates.

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Henry T.

Member since 2022 · 1k+ posts · 1k+ votes

9mo

Roommates. Go for it. Find a good place in a solid neighborhood. You can always fix a house up. But you can't fix a bad neighborhood. Good luck. We'll see you at the top! Talk to some landlords and be comfy with your numbers.

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Benjamin AakerPro Member
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
9mo
There's a lot more to this decision. Do you want to become a real estate investor? Do you want to self-manage college students while going to college? If so, a small house hack is a good way to start.
If you are just starting out, put the lowest down payment into the house hack and put the rest of your money into some other investment with reasonable liquidity so that it is available when you decide you want to actually become an investor. If you don't, then the money will be available for you to invest elsewhere.
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Aaron ZimmermanBusiness Member
Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
9mo
I would try to educate yourself as much as possible now so you're prepared for doing a house hack. I think it's a great idea overall and will help build your real estate portfolio. If you're able to do this once, great. Twice would be better if possible. This would really set you up for financial success assuming you buy right.
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Mohammed Rahman
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
9mo
Hi Robert,
I agree with what the others are saying. My biggest advice: keep educating yourself. Learn about underwriting, financing, property management, local rental markets, etc. The more you understand now, the better prepared you’ll be to make smart decisions when you’re legally able to buy. And the more you know, the more you'll also be able to understand which strategies best fit your criteria.
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Jake AndronicoBusiness Member
Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
9mo
@Robert Bishop
Wow, congratulations!! That can turn into an extremely impressive amount of money over a long period of time by not rushing into anything and having patience.
If you hear "quickly" and "easily", it's almost always inaccurate in real estate. Seen a lot of people burned.
I started house hacking at 22 and here's what I learned and what I regret:
https://www.biggerpockets.com/forums/922/topics/1133476-hous...
415-233-1796
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Henry T.
Member since 2022 · 1k+ posts · 1k+ votes
9mo
Roommates. Go for it. Find a good place in a solid neighborhood. You can always fix a house up. But you can't fix a bad neighborhood. Good luck. We'll see you at the top! Talk to some landlords and be comfy with your numbers.
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