House Hacking out of college

[Jack Hamm]

Hello BP, After learning for the past few months I think that I have come up with a househacking strategy that I believe could be successful for me but I would love to hear any additional things to think about or any advice you may have. Here is the strategy:

Once I move out of college I will have a degree in manufacturing engineering and hopefully making around 70-80k a year starting. With this salary I will rent an apartment or a room in someone else's househack for a few months while I save money and look for a property to househack on my own. Ideally I would like to find duplex, triplex or quadplex. Once I have found a property and have a 3.5% down payment for a FHA loan I will purchase my first property.

With FHA you have to live in the home for a year so I would run the property on my own while I am living there for the first year and continue to find more properties that I can move to and househack again after the 1 year long period has passed. Once I move out of the property I would take a percentage of the additional rent made on the unit that I occupied and hire a property management company. I would be purchasing my second property with another FHA loan.

I would Ideally complete this process for 3-5 years and have roughly 10 units that should cash flow before buying my own single family home. 

Thank you for any help or guidance you can provide!

[Alejandro B Yoon]

If you already have savings (enough for a down payment+closing costs), you can buy a house right after graduating college with just the offer letter. Skipping the year of renting.

I bought my home 3 days before graduating college with my bachelor's in Accounting last may. My househack has been successful and I only pay $300-500 a month to live in my home.

PM me and I can discuss more.