Seeking Guidance on Finding Duplex House Hack Deals in Columbia, SC with FHA Loan

[Brice Peterson]

Hello,

I’m actively pursuing a duplex property in Columbia, SC, to utilize an FHA loan (3.5% down) for house hacking. The plan is to reside in one unit while renting out the other. However, I’m encountering challenges in identifying suitable properties that align with this strategy.

Challenges:

• Limited Inventory: The availability of duplexes in desirable neighborhoods seems scarce.
• Financial Viability: Many properties that are available either don’t generate sufficient rental income to offset mortgage costs or require significant renovations that exceed my budget.

Questions:

1. Market Insights: Are there specific neighborhoods in Columbia where duplexes are more prevalent or offer better investment potential?
2. Financing Strategies: Beyond the standard FHA loan, are there other financing options or programs that could facilitate this purchase?
3. Property Search Tips: Any advice on effectively searching for duplexes or connecting with sellers who might be open to selling off-market?
4. Long-Term Considerations: Given the current market conditions, would it be prudent to consider alternative investment strategies or locations?

I appreciate any insights or experiences you can share regarding house hacking in Columbia, SC.

Thanks!