College Student House Hack Strategy

CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes

2d

Austin, for a first house hack, I’d keep the strategy simple: buy something that works as a home first and an investment second, especially while you’re still in school and planning a move for grad school.

Before worrying too much about contractors, CPAs, or attorneys, I’d start with a lender and figure out exactly what you can qualify for using your current income history. Since your location and school plans are still developing, knowing the financing box first will keep you from spending time analyzing properties you can’t realistically close on.

Then I'd narrow the buy box to duplexes, triplexes, or fourplexes where the rents from the other units meaningfully reduce your own housing cost. I'd underwrite taxes, insurance, vacancy, repairs, CapEx, and utilities rather than just comparing rent to the mortgage.

For a turnkey or cosmetic property, you probably don’t need a huge team on day one. I’d want an investor-friendly agent, lender, good inspector, and a reliable contractor or handyman you can call when needed. A CPA becomes more important once you’re actually approaching the purchase so the tax setup is clean from the beginning.

From the tax side, because you’d live in one unit and rent the others, the property becomes mixed-use. Certain expenses and depreciation generally need to be allocated between your personal portion and the rental units. Keeping separate records from day one makes that much easier.

And since you may move again for grad school, I’d also underwrite what happens after you leave. If the property only works while you’re living there, that’s very different from owning something that turns into a solid full rental once you move out.

Feel free to DM me, I’d be happy to send over a few resources that might help with first-property underwriting, house hacking, and setting up the tax side correctly.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
2d
I'd love to hear what you have for resources on all three of those especially underwriting. It will not let me DM you currently because we are not connected.
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Stacy RaskinBusiness Member

Lender · Member since 2022 · 1k+ posts · 497 votes

2d

On the lending side, it depends on if you definitely going to do a house hack or if you would consider owning a non owner occupied rental property to start building your rental property portfolio.

If you do a house hack / live in the property, you will have to qualify using your personal income and your debt to income (DTI) ratios as it will be a conventional loan underwritten by your income.

If it was a non owner occupy rental property then you could use a DSCR loan and there's options for investors who have not owned a property before. A DSCR loan would be underwritten not by your personal income or debt to income ratios but by the actual or projected rents that come from the appraiser doing an appraisal and a rent schedule on the property. An advantage to buying a non owner occupied rental property is that it opens you up to more markets at different price points.

If a turnkey property, having a real estate agent you feel like can help you reach your goals can be helpful. Having a handyman for any items that come up is also a good idea. Talking with a CPA regarding how buying and owning a property will affect your taxes before buying can be helpful. The other professionals you mentioned may not be necessary for your first purchase unless you have specific concerns you would like to discuss with them.

It would be a good idea to learn about the landlord tenant law in the area you will be buying in so you are aware of your responsibilities as a landlord.

It's important to feel confident that you will be comfortable being a landlord while working on your masters degree. If house hacking and renting to fellow students, compared to non students, it may be more easy going if you make it clear up front about what the house rules are. Setting the expectations up front so everyone knows what kind of environment they will be living in whether a more study focused environment or more of an environment that will be party oriented is good to establish at the beginning so everyone is on the same page.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
2d
Thanks for your reply, I am unfamiliar with DSCR loans right now. I will say I'm more interested in live in rental as I will need a place to live and trying to find two properties or buy a rental and live in a separate apartment seems like it might be more complicated then its worth. I have not heard about landlord tenant law so I appreciate you bringing that up I will be reading up on that to make sure I have my bases covered wherever I end up.

I appreciate all the pointers!
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Igor Ganapolsky

Englewood, NJ · Member since 2018 · 464 posts · 87 votes

2d

hey austin, i buy properties at tax deed auctions down in florida so i've been through the whole "do i need a team" question. honestly for a house hack with a turnkey property you don't need everyone on day one - just find one good lender and an investor-friendly agent before you start looking at properties. the biggest thing stacy didn't mention is to underwrite what happens after you leave for grad school. if the numbers only work because you're living there it gets risky fast, so run the math like you're already gone and make sure it still pencils out.

1 Reply

Matthew Tregoning

Real Estate Consultant · Melbourne, FL · Member since 2019 · 205 posts · 113 votes

2d

Living there helps you see problems quickly, but grad school and athletics can still make you unavailable when something breaks. I would line up a dependable handyman and a backup contact before move-in. Turnkey describes the condition today, not how much attention the place will need over the next two years.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
1d
Thanks for the insight I will certainly keep that in mind!
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Dan NelsonBusiness Member

Real Estate Broker · Chicago and Kansas City · Member since 2016 · 76 posts · 60 votes

2d

Austin, people see this, and asking is the right first move.

The first deal is simpler than the internet makes it sound. For a turnkey or cosmetic-level building you need exactly one person at the start: an agent in your new city who actually works with small multifamily. Ask them one question before you commit: how many 2 to 4 unit deals did you close in the last year? A real answer means their lender, inspector, and attorney referrals will be real too. You do not need a contractor or a CPA to buy the building. A contractor matters when you take on real rehab, and a regular tax preparer at tax time is plenty in year one.

On the loan: FHA at 3.5 percent down works on a duplex. On 3 and 4 unit buildings FHA adds a math test, the building's rents have to cover the payment on paper, so duplexes are the simpler door. Also have a lender price 5 percent down conventional next to it. It covers 2 to 4 units and skips that test. A good local lender runs both side by side in one sitting.

The hardest thing about buying your first property is not the team or the money. It is getting over your own fear, and you sound well past the version of it that stops most people. Living in your first building is the fastest education in real estate there is. For reading: The House Hacking Strategy by Craig Curelop is written for exactly your plan.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
1d
Thank you so much for the detailed response! I haven't thought about the fact that an agent would already have lenders, attorneys, and inspectors they could refer me to. I think that having the lender price compare 3.5% on an FHA and 5% on a conventional is a great idea.
To your point I love the idea of house hacking for my first investment property because of the first hand education I would receive being on site all the time. "The House Hacking Strategy" is next up on my reading list after multiple recommendations from you and others.
I appreciate you taking the time to respond to a beginner like myself and hope to continue learning from people such as yourself.
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Wale LawalBusiness Member

Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes

2d

@Austin Bosgraf

The complexity of your first deal is going to be greater than you think, especially if you make things simple by avoiding major work. You don’t have to put together a whole team right off the bat you can start by getting a good investor friendly agent and a lender, and doing your own analysis, and only bringing other people in as necessary.

Good luck!

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Gregory AcsPro Member

Lender · MD · Member since 2025 · 153 posts · 54 votes

2d

Welcome to BiggerPockets, Austin! House hacking with an FHA loan is a strategy that has helped a lot of investors get started, and it's great that you're researching it before making a purchase.

For your first deal, you don't necessarily need a large team from day one, especially if you're buying a turnkey or light cosmetic rehab property. What I'd focus on first is building relationships with an investor-friendly lender and real estate agent, then add professionals like a CPA and attorney as your business grows or when you have specific needs.

I'd also recommend analyzing as many multifamily deals as you can before buying. The more properties you evaluate, the more confident you'll be when the right opportunity comes along.

If you'd like to discuss FHA financing, house hacking, or what to expect during the buying process, I'd be happy to help. Feel free to reach out anytime.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
1d
Hi Mr. Acs, thanks for taking the time to interact.
When you say analyze as many properties as possible does that just mean looking around on the MLS and using things like the bigger pockets rental property calculator and running the numbers? I would love to hear what you have to say about what to expect during the buying process. I'll be reaching out soon!
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James Wise

Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes

1d

House hacking a property with an FHA is how I got started. 17 years later - $250M+ in sales and a management portfolio 1,000+ doors I'd say real estate has gone pretty well for me.

Good luck out there. Do it right and it'll change your life.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
1d
Wow thats amazing, hard to imagine a portfolio like that for me. Congrats on the tremendous success. Hopefully one day I can share in those successes!
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Diana Khan

Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 340 posts · 124 votes

1d

Quote from @Austin Bosgraf:

Good evening everyone,

This is my first time doing something like this so I am not sure if anyone will even see this but I figured I would try it out anyway. I am a senior in college and will be moving down south from West Virginia to pursue my masters degree. I am not certain where yet but I am very interested in Berry college in Rome, GA as well as Pfeiffer university in NC. I am extremely interested in the idea of buying a small multifamily home wherever I end up for grad school using an FHA loan, living in one unit and renting the other 1-3 units.

I have a thousand questions I could ask but the first being how complicated is that first deal? I know it will take work and money I am not afraid of either of those, as a college athlete who also worked in undergrad I am no stranger to putting in the hours and have saved most of my income throughout high school and college. The thing that worries me is talks of people needing contractors, CPA, an agent, an attorney, etc. I know all of these things are important so I guess I'm just wondering how necessary are these roles for someone looking to buy something that is turnkey or just cosmetic rehab, and as a live in Tennant I think managing the property would be manageable.

If anyone has some insight for a young investor who is just looking to learn right now, any book recommendations, online resources, or just friendly advice would be greatly appreciated.

@Austin Bosgraf, I’ve worked with first time buyers who were excited about a duplex or small multifamily because the rent made the numbers look great, and one thing I always want checked early is whether every unit is actually legal to rent the way you plan to use it.

Before you get too far into a property, I’d want to confirm the legal unit count, zoning, permits, and any local rental requirements. A property can look like a duplex or triplex in person and still have a very different story in the records. Since you’ll also be living there while going to school, I’d keep the first deal simple enough that you can learn without creating a second full-time job for yourself.

I’d be glad to stay connected, @Austin Bosgraf. I really like that you’re asking these questions before buying because that is exactly when they are easiest and cheapest to answer.

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Austin Bosgraf
OP
New to Real Estate · Fairmont, WV · Member since 2026 · 8 posts · 1 vote
7h
Thanks for the advice, where is the best place to go that I can check those things? As far as keeping it simple I 100% agree, originally I was really wanting to pursue a four-plex but after educating myself a bit more im realizing maybe a duplex will be more beneficial in terms of learning while providing reduced housing cost for myself, and as you said not creating hours of extra work for my self while im still working and in school.
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Richard F.

Honolulu, HI · Member since 2008 · 3k+ posts · 2k+ votes

6h

The "deal" is the easy part. The lessons always come after the deal...

You, or someone you trust that has no skin in the game, bust be able to visually inspect the property to determine its true condition. "Turnkey" and "light cosmetic" have very different meanings depending on who is selling those assessments. The first thing you need to know is the age of the property. That alone can tell you a great deal about what may be hiding behind the walls. You need to know where to look, and what to look for, in terms of "signs" of potential problems. Serious problems. You also need to look for signs of prior alterations or additions, that may, or may not, have been permitted or executed properly and according to codes.

For a multi-fam, you will be taking on one or more existing tenants. School is in session! Prior to expiration of your offer contingencies, you need to review current rental agreements, service agreements, rent roll details, and security deposits held (which must transfer to you at closing). You have no idea if/how these tenants were selected and approved, and unless you are able to view each unit (not likely) you have no idea what their housekeeping is or the actual condition of their units. And yet, you need to plan and have a strategy to move forward at closing.

And you are not at Day One yet.

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Jason MalabuteBusiness Member

Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 898 votes

10m

Austin, the first house hack is usually easier than it looks as long as you buy something that works as a home first and an investment second. Since the school and the city aren't settled yet, I'd start with a lender rather than with listings, so you know the financing box you're actually shopping in before you spend time analyzing deals. From there, narrow to a duplex, triplex or fourplex where the other units cut your housing cost in a way you can feel, and underwrite the full picture rather than rent versus mortgage: taxes, insurance, vacancy, repairs, CapEx and whatever utilities you'll be covering. For turnkey or light cosmetic you don't need a whole team on day one, an investor friendly agent, a lender, a good inspector and one reliable handyman will carry you, and a CPA becomes more useful as you get close to actually buying. One thing worth setting up early is your recordkeeping, because living in one unit and renting the others makes the property mixed use, so expenses and depreciation get split between your personal side and the rental side, and clean separate records from day one make that split far easier to support later. And since you may move again after the masters, run the numbers on what the property looks like once you're gone, because a deal that only works while you live in it is a very different asset than one that becomes a solid rental on its own.

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College Student House Hack Strategy

College Student House Hack Strategy

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