All Forum Posts by: Isaac Pyle

@Chace Fraser That is a great idea! I would love to see that business plan! I am also curious, you called it a "co-borrower", is that different than a co-signer? 

I will have to figure out my own sort of personalized business plan. This is a great idea, thanks!

@Kobe Xin I currently rent a room in a house just off campus. It costs me about half of what the dorms on campus cost, which is insane. I will definitely look into seller-financing, as I have only heard of that but have no idea what it is yet. I am skeptical about either PML or HML to start with, just because I know that I would likely be looking at a 203k FHA loan to start with so that I can BRRRR and house hack at the same time. We will see though, thanks for the post!

@Daniel Haberkost I agree, I think the next step in the process is just acquiring more information about the areas / types of deals that would work, and determining the best way to go about financing. I definitely don't want to no-life it for multiple years to get started sooner, but I can definitely be getting more experience outside of school. Thanks again!

@Jaron Walling Thanks for the advice! If I would likely start by co-signing with my parents, would my personal credit score be factored into that? Or would the bank be looking at theirs because their income would be the one being used to determine the amount we would be approved for?

@Jake Simon This sounds like a great idea, I haven't looked into it that much but I certainly will now! And it seems to me that this strategy should work just about anywhere, as the rent per bedroom would increase as the rent for the entire house increases, so really I should be able to at least pay much cheaper rent with this strategy.. Thanks!

 These are very valid points. I quite possibly could have a part-time job right now. I have had a summer job at a restaurant in my hometown for the past 7 years, so I guess I have always considered the summer to be the time to work and the school year the time to learn. Maybe it's really all just the time to work.. haha!

I am getting my degrees in Computer Science (possibly engineering, they are re-working the program at the moment) and in Physics. I know that I will likely not pursue a job in physics, but it fascinates me, and I know that I won't regret learning that. I am double majoring, which makes me hesitant to also try to work a job, but it would be worth looking into. Thank you for your long reply!

I definitely am quite hyped! It pains me to know that it is still probably a ways down the line before I actually begin making offers and fixing up houses, because I would love to be in this process now. Colorado's market is crazy, and I think I am in a good place to have decent appreciation given enough research into the right areas. I have been building credit for about a year and a half now, but it is only in the form of one credit card. Maybe I should consider other ways of building credit? And I think I am going to find an association to join near me for investors, so that should help to make friends with like-minded people. Thanks for the reply!

They actually did offer to co-sign with me, but I don't know how I feel about that. Maybe I would be more confident with more information and after reading more, but I don't want to be in a position where there is any uncertainty in what I am doing, while simultaneously not being responsible for all of the consequences. It is definitely an idea worth pursuing and learning more about, though. Thanks again!

This is a great idea, thanks Linda! I do have a limited amount of experience with construction, but it would be a good move to begin new projects again, and use that to network!

Craig- first I have to say, thanks for reading / posting! I actually just ordered your book on house-hacking, so I was surprised to see you post here! I also came up with a starting number of about $20k give or take, but I think that the main issue is that I wouldn't be approved for a loan without a stable, decent paying income. Do you know of a way to start house-hacking without this? I know that I could claim some of the rent from the home as income to increase my approval amount, but that's not going to get me anywhere close to what houses in these areas cost.