Looking for Advice on Current Market in Central Nebraska

[Drew Zaruba]

Hi everyone, I am located in Kearney, Nebraska. I am currently a college student living with 3 other roommates. I am looking to do a house hack and buy my first rental property this spring. I have already been approved for a loan and have sufficient funds to start buying properties through other investments. I am wondering though if I could get some feedback. I am originally from Columbus, Nebraska. The towns are relatively the same size with Kearney slightly larger. However, home prices in Kearney are about 1.5x what they are in Columbus. Rents are slightly more in Kearney due to the college. I have family who could manage my rental for me in Columbus if I chose to invest there instead. Do I pay the premium here and house hack? Or do I take my money where it will go further and starting buying rentals in Columbus? Thanks everyone! 

[Ryan Ohri]

Hi Drew, I also live and invest in Kearney.  I think it's awesome you are looking to get started in your investing career with a house hack!  The Kearney market historically is strong. My only advice would be that currently there is limited inventory like I've never seen before in Kearney, which is making competition for properties fierce, you'll probably be paying a premium yet this Spring. 

However, if the numbers make sense on a house hack and you can tie up some low interest long term financing might still be doable and worth the premium you'd pay.

  Feel free to PM with any questions, I'm always willing to help new investors.  I don't know the Columbus market very well so can't speak to that.  

Best Regards,

Ryan