Trying to house hack in Columbia
Hey everyone this is my first post on here! I’m a 22-year-old college student looking to get started in real estate investing by house hacking a duplex in Columbia, South Carolina. I’ve been doing a lot of research and I’m really set on the idea of living in one unit while renting out the other to help cover the mortgage.
The problem is I’m having a hard time finding existing duplex properties in good areas like Rosewood, Forest Acres, or even West Columbia. Everything I find is either too expensive, outdated, or just doesn’t seem like a good investment.
So now I’m wondering: should I consider building a new duplex instead? I know this comes with more upfront work and cost, but if I can keep it under FHA loan limits and live in one side, it seems like it could be a long-term win.
A few things I’m trying to figure out:
- Is building new even realistic for a first-timer in Columbia?
- What areas are up-and-coming and good for rentals?
- Are there local lenders or builders that work well with first-time owner-occupant investors?
Any advice, experience, or contacts you can share would be hugely appreciated. I’m serious about getting started while I’m young and would love to learn from people who’ve already done it.
Thanks in advance!
Most Popular Reply
Gotcha. Get your credit score as high as you can between now and then. Also, when you are applying for roles/jobs, be aware that there is a major difference between being salaried and having variable income, meaning being paid hourly and working less than 39.75 hours per week. A job with variable income or heavily commission will make qualifying very difficult.
Building is more cash intensive than buying, and usually (but not always) more expensive than buying existing. It can be lucrative if you get it right, though. Overall, if youre going to be starting a new career at the same time (since youre graduating), it will probably be simpler to buy something turnkey. You dont want to take on too much at one time.