College student looking for advice

[Mikal Morton]

Hey guys, I am currently a sophomore in college and have a brother in grad school. We both plan on going to grad school in Boston and are torn between the decision of potentially buying a 3 bedroom condo in Boston and house hacking it with a third roommate to help pay off some of the mortgage/expenses associated with the condo. Our other choice would be to buy a multifamily property with our money and rent out an apartment around $3,000 a month in the city while we are in school and potentially using some cash flow from the multifamily to pay some of this rent. Both choices seem to be net positive decisions but I want to hear advice from you guys to make sure I am making the right financial decision especially with current market conditions.

[Daniel McDonald]

Hey @Mikal Morton, I am a 2x house hacker just north of Boston, in Beverly. Both of my properties are duplexes and have really helped grow my net worth over the past few years. Are you saying you could buy a condo in the city or a multi? IF so I'd absolutely lean towards house hacking a multi family. A condo can work great too but if you can afford a multi that's the way to go. 

Now if you mean putting all your money towards a multi as a true rental property that's a different story. I assume that means you'd be looking outside of Boston, maybe even outside of MA. My go to is to start house hacking in your own backyard first. That's a very doable, realistic, and typically easier way to crack into real estate investing. 

Always happy to chat about my experience and help where I can!