My fiancé is applying to medical schools and would start school in the fall of 2025. We are currently renting, and I've been considering house hacking while she is in medical school by purchasing a duplex/multi-family home. I don't have experience in real estate or house hacking, so I want to ensure my plan is sound and that I have all the details mapped out. She is applying to over 20 schools, so we won't know where we will be moving until the spring of 2025. Medical school will last 3-4 years, followed by a residency of 3-6 years, the location of which we won't know until the end of medical school.
My idea is to house hack during her medical school years by living in one unit of a multi-family home and renting out the other units. When we move for her residency, we would rent out all units of the property and potentially house hack again during her residency or buy a single family home. I have a few questions:
- Since we may need to move to a different state for residency after medical school and I don't have experience with real estate, would you suggest a property management company, or does it not make sense to own a property that could potentially be out of state?
- How much would you suggest spending on a property(s) in my situation?
- Should I put as little money down as possible (5-10%) to keep more money saved for the next down payment or other investments?
- If there aren't any decent multi-family homes in the area, would you recommend buying a single-family home and then renting it out when we move?
Any other help and feedback would be great!
