House hacking with mid-term rentals?

Question

Hi community,

I'm planning to house hack in Richmond or Fredericksburg/Spotsylvania and am considering renting by the room using short-term, mid-term, or long-term strategies. I’m committed to house hacking since I can only afford a place with a primary resident loan.

Has anyone employed the mid-term rental strategy while house hacking? I'm curious to learn more about the experiences and outcomes of using this approach compared to short-term and long-term rentals.

I’d love to understand which strategy might work best for me. What are the pros and cons you've experienced with each rental duration? Any insights or advice would be greatly appreciated!

Thanks!

Jonathan Greene · Answer

STR is a better option for renting a room in your house than MTR. MTR guests usually want their own space, privacy, and quiet. But the better answer is, don't buy a house if the only way you can cover the nut is to rent out a room. You may not like it, you could get a weird tenant since you don't know what you are doing. It seems like you are forcing the issue. Better to find a roommate that you know for the other room if you decide to do this.

Wale Lawal · Answer

@Kevin Duong

Short-Stay Rentals (STR) can bring in a lot of cash but also come with high costs for when guests come and go and tough rules. Mid-Stay Rentals (MTR) offer steady money with leases from 1 to 6 months but with okay cash chances and strict rules. Long-Stay Rentals give legal safety but not as much money. To choose the best rental strategy, research local regulations, lifestyle preferences, market demand, and property features. Aligning these factors with financial goals and personal preferences allows you to choose the best rental strategy for your situation.

Good luck!

Austin Jones · Answer

I would recommend only using a short or mid-term rental house hack for a 2-4 unit property or a house with a detached ADU for your security and the comfort of the guests, which will make it more profitable. Feel free to reach out if you need help with anything!

Braedon Page · Answer

I haven't personally house hacked a room, but I do know some people who have. I also manage STR's on Oahu so I have some perspective from that side.

The short list of pros and cons would be that you'll make more from STR, but it will also require more work.

MTR will be less work than STR, and potentially get you higher returns than LTR, but won't provide the stability of a long term lease.

LTR will probably be the least profitable, but also the most stable and least amount of work.

Best of luck!

If you do decide to list it as an MTR, furnishedfinder is a solid platform to use in addition to the normal OTA's

House hacking with mid-term rentals?

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