House Hacking, FHA, Lots of Student Debt, 2bed-2bath v Multi-Family

[Kaili lynn Mcdonald]

Hey all. This is my first post, and I'm still trying to figure out a plan for getting into real estate. Please be kind!

- Short-term goal: Buy a property and house hack to lower cost of living and help direct funds towards paying off student loans. I'll need somewhere to live when my lease is up in 2 months. 

- Long-Term Goal: Refinance/take out a HELOC on the first property and use it to purchase a second property. Rent out the first property. Repeat.

I have a real estate agent and a lender I am working with for my first property purchase. I have had my heart set on purchasing multi-family properties to house hack, but I have minimal funds for a down payment and need to use an FHA. I also have student debt I would like to pay off by either lowering my cost of living by house hacking and eventually putting cash flow towards my debt.

However, I have already gotten pre-qualified. It seems what I can afford is something like a 2 bed condo/townhouse, but not a multi-family property in the location that I am looking. I'm trying to decide if I should continue pursuing a to house hack a 2 bed 2 bath property (with a mortgage I could manage on my own if need be) or start a part-time job (in addition to my 9-5) to save money for a larger down payment and pay off student debt. 

Could anybody provide any insight to consider when purchasing a townhouse/condo as a future rental property? Thanks in advance! 

[Wale Lawal]

@Kaili lynn Mcdonald

You're doing all the right things by getting pre-qualified, working with a team, and thinking both short and long term—so kudos to you! If a 2 bed/2 bath condo or townhouse is what fits your budget right now, it can still be a great house hack, especially if you can rent out a room or use platforms like Airbnb (if HOA allows). Just be sure to review the HOA rules and fees carefully—they can impact cash flow and rental flexibility later. If the property meets your living needs and positions you to build equity while lowering your cost of living, it's a win—even if it's not multifamily yet.

Good luck!