Looking for Some Advice on My Current Real Estate Situation

[Thomas O'Donnell]

This is what my current situation looks like:

I live in one side of a duplex and have been struggling to get qualified renters for the other side. Even after lowering rent and being a little flexible, I am still paying a $2500 mortgage by myself instead of the $1000 I thought I would be paying for my portion prior to purchasing this house-hack. This is draining me of my funds and not allowing me to save any money for future investments. I have a bunch of people who reply to my ads but most of them do not meet the minimum requirements that are literally listed in the description. 

I am currently studying to take my state exam to be a home inspector next week or the following week. I am hoping to do this part-time in 2023 in addition to my W2 job until I can possibly switch over to full-time inspections.

What I want to Achieve in 2023:

This year, I am looking to purchase another house-hack via FHA loan on either another duplex or a 4plex here in Columbus, OH with a small value add opportunity. I would love to have my living expenses even lower than the $1000 I expected to pay here once the other side is rented. However, because I am struggling to get it rented I can't really put away any cash for this year's investments.

I would love to hear some of your advice on my current situation and how I should be looking to attack this year and get a tenant soon, as well as add an additional property or two to my portfolio by 2024. I have a very driven attitude and I am willing to put in the work, I am just a little lost at the moment on where I should be started or how I should go about my situation and my goals.

[Diya Wahi]

Quote from @Thomas O'Donnell:

Quote from @Brett Merrill:

Hi @Thomas O'Donnell. Don't get too discouraged, most have been in a similar situation to this or another completely different situation that is just as challenging. I think you are being smart by screening your tenants thoroughly. You certainly do not want to rush the wrong people into your unit to collect a little cash as this can turn into a much more expensive expense down the road. However, I do want to make sure that you are not over screening with too strict of criteria. Do you mind sharing with us how you are currently marketing the property and what your current criteria is? I have looked into Columbus and it seems to be a strong enough rental market so there is something that needs to be tweaked. Also, does the property have any other ability to produce rent such as a garage for storage or do you have an extra room in your unit that a friend or family could rent? Hope this helps. 

 So it’s a 3bed 1bath duplex, and market rents are 1200-1500 in the area. I am asking $1300 water included because it isn’t split. My basic criteria is 600+ credit, no smoking, no evictions, renter’s insurance and income 3x the rent. Many leads that I have got have been asking for section 8 but I have not gone through that process to get certified yet. It has an unfinished basement that can be used for storage. I moved her from California back in late July and did not know anyone in the area which rules out renting to a family member or friend. 

 Hi Thomas! It sounds like this is potentially tough time of the year regarding weather to find great tenants. Out of curiosity, can your unit be rented as a mid-term rental for traveling nurses or PAs? Columbus is a college town. How about professionals related to the university to temporary trips? Or Airbnb? Since this may be the wrong time of year for a long term tenant, could another option be better band aid until the Spring/Summer?