Advice Needed for my First Investment Property

[Neha Mulkar]

Hi BP Community,

I wanted to share an update on our real estate journey and hopefully get some feedback or ideas.

Here’s the situation:

• I currently have $30,000 available for a down payment and closing costs.

• My daughter is a junior at Georgia Tech, and we pay $6,000 per semester toward her expenses (around $12,000/year).

• We’ve been thinking hard about how to combine supporting her education with starting our real estate investment journey.

Plan:

We’re now looking to purchase a 4-bedroom apartment or townhouse in Westside Atlanta (30318 area). This part of town seems to offer more affordable options while still being relatively safe and convenient for students.

The goal is to:

• Provide housing for our daughter and her friends starting January 2026 (spring semester).

• Structure the purchase as a primary residence, so we can qualify for better mortgage terms.

• Include myself, my husband, and my daughter on the mortgage application to strengthen our position and meet the owner-occupied requirement.

• Convert the property to a full rental down the road once she graduates.

We think the $30,000 should cover a 5–10% down payment plus closing costs under the primary residence structure, and the property would serve as both a short-term housing solution and a long-term investment.

Would love advice from the community on:

1. Does this sound like a smart way to combine student housing with a first-time real estate investment?

2. Has anyone done something similar, buying property near a university for their kids to live in and eventually turning it into a rental?

3. Are there any downsides or complications in having our daughter on the mortgage (she’ll still be in college)?

4. Any tips on financing, lenders, or programs that might work well for this type of purchase?