Brand New Duplex House Hacker

[Colin Brady]

I'm a 21 year old college graduate with a decent salary looking to make a really strong first financial step by buying a duplex/multi-family home using an FHA loan.

I think that I would prefer to purchase in a college town in order to have a steady pool of potential tenants in college students.  I feel that I can relate more to college students and feel more confident enforcing strong policies and collecting rent from someone similarly aged to myself.  I've done a lot of research on the benefits of renting to students, as well as the drawbacks (more repairs/upkeep), and I think it's the ideal tenant for me.

Are there any buying strategies that anybody could recommend to me? If you've house hacked a duplex with an FHA loan, providing me with your general experience would be super helpful!

In addition, does anyone have any tips for picking a location/screening to where you ensure college students will typically be your tenant?  Also, how far are college students willing to live from campus?  Finally, if there are any general tips for me/steps I need to take in order to get started, they would be highly appreciated!  I'm super new to the idea but I would like to make a move soon so I can stop thinking so much about it!

[Colin Brady]

Hi @Gaetano Ciambriello,

I currently live in Northeast Ohio so I would look to buy in a college town near me already.  Kent, Athens, Bowling Green, Toledo, but not much further south.  I definitely want to talk to some investors that have properties in my location, per your recommendation.  I'm assuming you're not too familiar with the area, but if there is any general advice you have regarding finding the right property (especially in this market), and student rental specific steps I need to take, please let me know.  I'll accept all advice!