Seeking Advice on Duplex Investment for Cash Flow and FHA Financing

Columbus, Ohio
House Hacking
2yFollow

Seeking Advice on Duplex Investment for Cash Flow and FHA Financing

Rickey Brunson
Specialist · Columbus, OH · Member since 2023 · 35 posts · 36 votes

Hey BiggerPockets community!

I'm in the early stages of planning to invest in a duplex later this year or early next year. My primary focus is on cash flow, and I'm aiming for a turnkey property with FHA financing. My budget is less than $200k, and I'm looking to live in one unit while renting out the other.

I'm not particularly concerned about property appreciation; my main goal is to generate a steady income. I'm interested in areas with a strong rental demand. Could anyone provide recommendations on specific locations or strategies to maximize my chances of success in this venture? Any insights on markets with affordable duplexes, good rental demand, and FHA-friendly opportunities would be highly appreciated.

Additionally, if you have tips on finding turnkey properties or navigating the FHA financing process for duplexes, I'd love to hear your experiences and advice.

Thanks in advance for your valuable insights!

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Najma Osman
Real Estate Agent · Columbus, OH · Member since 2023 · 161 posts · 217 votes
2y

Hey @Rickey Brunson, 

If you're looking at using FHA financing, I'm assuming you're planning to owner occupy the duplex. With that in mind, you're probably not cash flowing off of one units rent. You'll end up paying a portion of the mortgage out of pocket.

Turnkey duplexes in Columbus are usually at least 200-250K. Most areas in Columbus have strong rental demand. If you're looking for under 200K, you may want to focus your efforts on Hilltop, Franklinton, Linden, etc. Looking forward to connecting and discussing more! 

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  • Najma Osman
    Real Estate Agent · Columbus, OH · Member since 2023 · 161 posts · 217 votes
    2y

    Hey @Rickey Brunson, 

    If you're looking at using FHA financing, I'm assuming you're planning to owner occupy the duplex. With that in mind, you're probably not cash flowing off of one units rent. You'll end up paying a portion of the mortgage out of pocket.

    Turnkey duplexes in Columbus are usually at least 200-250K. Most areas in Columbus have strong rental demand. If you're looking for under 200K, you may want to focus your efforts on Hilltop, Franklinton, Linden, etc. Looking forward to connecting and discussing more! 

    1Reply
  • Elaina Biffle
    Real Estate Consultant · Member since 2022 · 7 posts · 5 votes
    2y

    Would you consider outside of Columbus proper? There are some real possibilities in places like Whitehall, Grove City, Obetz, etc. If you expand the search right outside the city limits you may be able to get a little more for your rental cash flow. The rental market is saturated right now and likely will not stabilize for another year or 2. 

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    2y
    Quote from @Rickey Brunson:

    Hey BiggerPockets community!

    I'm in the early stages of planning to invest in a duplex later this year or early next year. My primary focus is on cash flow, and I'm aiming for a turnkey property with FHA financing. My budget is less than $200k, and I'm looking to live in one unit while renting out the other.

    I'm not particularly concerned about property appreciation; my main goal is to generate a steady income. I'm interested in areas with a strong rental demand. Could anyone provide recommendations on specific locations or strategies to maximize my chances of success in this venture? Any insights on markets with affordable duplexes, good rental demand, and FHA-friendly opportunities would be highly appreciated.

    Additionally, if you have tips on finding turnkey properties or navigating the FHA financing process for duplexes, I'd love to hear your experiences and advice.

    Thanks in advance for your valuable insights!


     You budget limits you to Linden, Whitehall, and Hilltop in Columbus, Ohio

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    2y
    Quote from @Rickey Brunson:

    Hey BiggerPockets community!

    I'm in the early stages of planning to invest in a duplex later this year or early next year. My primary focus is on cash flow, and I'm aiming for a turnkey property with FHA financing. My budget is less than $200k, and I'm looking to live in one unit while renting out the other.

    I'm not particularly concerned about property appreciation; my main goal is to generate a steady income. I'm interested in areas with a strong rental demand. Could anyone provide recommendations on specific locations or strategies to maximize my chances of success in this venture? Any insights on markets with affordable duplexes, good rental demand, and FHA-friendly opportunities would be highly appreciated.

    Additionally, if you have tips on finding turnkey properties or navigating the FHA financing process for duplexes, I'd love to hear your experiences and advice.

    Thanks in advance for your valuable insights!

    Hey Rickey, lots of great multifamily deals that meet the 1% rule around the Linden and Hilltop area! As an investor and agent here in Columbus Ohio, if you have any questions or want to connect, definitely reach out!
    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9121 Reviews
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    1Reply
  • Landon Hoon
    Lender · Chicago, IL · Member since 2018 · 34 posts · 52 votes
    2y

    @Rickey Brunson

    Love the strategy! @Savannah Hooker is licensed in Ohio and a great financing expert on house hacking 2-4 units who can help give more details. 

    1Reply
  • Savannah Hooker
    Lender · Chicago, IL · Member since 2023 · 25 posts · 13 votes
    2y
    Quote from @Landon Hoon:

    @Rickey Brunson

    Love the strategy! @Savannah Hooker is licensed in Ohio and a great financing expert on house hacking 2-4 units who can help give more details. 


     Absolutely happy to help! Feel free to message or text me. 

    1Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    2y
    Quote from @Rickey Brunson:

    Hey BiggerPockets community!

    I'm in the early stages of planning to invest in a duplex later this year or early next year. My primary focus is on cash flow, and I'm aiming for a turnkey property with FHA financing. My budget is less than $200k, and I'm looking to live in one unit while renting out the other.

    I'm not particularly concerned about property appreciation; my main goal is to generate a steady income. I'm interested in areas with a strong rental demand. Could anyone provide recommendations on specific locations or strategies to maximize my chances of success in this venture? Any insights on markets with affordable duplexes, good rental demand, and FHA-friendly opportunities would be highly appreciated.

    Additionally, if you have tips on finding turnkey properties or navigating the FHA financing process for duplexes, I'd love to hear your experiences and advice.

    Thanks in advance for your valuable insights!


     Take advantage of house-hacking. When I house-hacked, I only bought in good locations that had tons of appreciation. You can't always house-hack so leverage debt correctly. The goal of house-hacking is not to have positive cashflow but to live free or close to free while your property appreciates in a nice part of town. You can do this 1x time per year. 

    [email protected]614-802-5698
    ReafCo | Ahmed Group 533 Reviews
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