All Forum Posts by: Bruce P. Bellott

Hello all! For the past three years or so I have been very interested in doing a house hack. I am in college and just starting my junior year. I have around 20 -25k to invest into a house hack in Lafayette, Louisiana. My predicament? Taxable income. I want to buy a deal that will work and cash flow and I figure the best way to do that is to go conventional with an fha loan. I have been putting this off since I started college and I have decided I want to pick up a property in the next 6 months. I have an opportunity to start reporting 1099 income for my job. Will it be possible to make it happen if I start reporting income now?? Thanks!

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@Anja Schepp

Very cool this is news to me! Haven’t attempted to get pre approved yet but I’m seeing a similar theme with my responses.

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@Jabbar Adesada

Thanks Jabber! I’m definitely going to check this out it seems like an ideal option for someone in my shoes.

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@William S.

I’m 20 years old and a second year at the university of Louisiana at Lafayette. I’m going to do a house hack there in the next year or so. I currently make all of my income through side jobs/ working for cash. I pay all of my tuition in full on time and have been building credit Sadie about a year. I have only one year of w2 job experience and don’t know how I could qualify for a loan! I’m do you have any advice besides getting a job and waiting two years?? Than you

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Originally posted by @Kevin Romines:

Unfortunately with it being owner occupied, you are subject to the ability to repay rules. Those rules say that you must show the ability to repay with some form of ongoing stable income. Stable meaning at least 1 year in a field and that there is a high likelihood that the income will continue for 3 years into the future.

Now if you went back to work in the field that you already have 1 year experience in, then with 30 days worth of paystubs, you should be able to close on the loan so long as your debt ratio was at about 50% or less. You wont be able to count boarder income (renting out rooms) unless you can show that income on the last 2 tax returns.

The 1st one is always the toughest. Keep grinding, you will get there.

That makes total sense. It’s sounds like I’ll need to get a job soon. My last job was at a small restaurant and I don’t plan on going back. I plan on getting a w2 job in the near future but I’ve heard that I’d need two years under my belt before it could help me. I’ve also considered having someone co-sign. Do you think that’s a potential option? Thanks and you bet I will keep my head down!

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I’m a second year student at my university with one year of w-2 work experience. I have 15k saved up to put towards my first house hack. I want to get the deal done as soon as possible so that I can be househacking in the city of my university for the last two years of my schooling. Is there any way I could qualify for a descent loan? All of my cash has been saved up from side jobs and I pay my tuition in full every semester. I have no debt but about a year of using a credit card to somewhat build credit. The city of my university is Lafayette, La

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All Forum Posts by: Bruce P. Bellott

Bruce P. Bellott has started 2 posts and replied 6 times.

Post: Need taxable income to pursue househacking?

Post: Starting out? Ask me anything.

Post: Full time student. How to qualify for a loan?

Post: Starting out? Ask me anything.

Post: Full time student. How to qualify for a loan?

Post: Full time student. How to qualify for a loan?