Hi @Idowu Babalola, if you are finding difficulty finding multifamily properties and can stomach the crumbs that roommates leave on the countertop, your initial idea of house hacking is definitely worth it.

My Ideal plan would be to graduate form school with a house purchased and to line up some roommates from school to try to rent the house that I buy. 

If I’m not going to by at the house often, for business reasons, how should I collect rent from the roommates?

A year ago we had a situation where one of our tenants took on a roommate who was not added to the lease.

I see how much my roommates and I pay in rent each and every month and I still currently have 3 years left at the university so I figure I may as well have that wealth coming into my own investment. 

Hi all,I am new to BP and just starting to research how to start becoming a buy and hold investor under extremely limiting circumstances and was hoping the BP community could shed some light on the best financing strategy to use for my first few properties.Current Financial SituationA little background on my current situation: I am 28yrs old working in television in NY ( making roughly 55-60k a year- yes it is brutal) I just bought my first primary home 2 years ago in Williamsburg, BK to lock in how much I’m paying for housing year over year in a place where incomes don’t increase as fast as rental prices (2 bd for 340k (this is an HDFC which is how I got a home for this price in an area where the median price is 1.5 million) ) so obviously my DTI is extremely high at almost 60% with no other debts besides my primary home (I also have a roommate who pays me $900 a month for her room which helps with about half my total monthly housing costs) (had a great mortgage broker that really helped me wiggle in to my first home)I now have about 75-80k in equity in the home and access to a family trust with a similar amount of money in it and was looking for the best way to turn buying an initial first property all cash into the ability to buy more properties( out of state of course- looking at different areas in the country from PA to TX to TN to FL).

Paying only $150 to $200 for your housing is pretty great.However, I solved that problem by also having a roommate in my side for $400.

You may want to consider a larger house with roommates or doing some short terms rentals with part of the space you owner occupy.

You offset a large portion (if not all) of your living expenses while collecting rent from your tenants/roommates to pay down the principal on your mortgage.

Buy something that you can house hack (roommate).