First investment- house hacking with single family house

First investment- house hacking with single family house

New to Real Estate · Seattle, WA · Member since 2016 · 95 posts · 32 votes
Hello – I was just reading the article on Facebook about why beginning your investing process with a duplex works out great, what I'm trying to find out is if I can use those same rules when buying a Single family house. I am planning on renting out two rooms, so my rent will be less and I will have a larger amount of cash flow obviously every month. Can I use any of that time as experience for being a 'landlord', and will the banks count that rental income after two years, the same as if I were renting the house out by itself? Of course, as soon as I am able, I want to purchase a second property. Not sure which one to live in... Any help would be so much appreciated! If I had it to do over again I would have looked harder for a duplex, I believe. But this deal is already finished. Thank you so much! Lisa
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  • Houston, TX · Member since 2016 · 34 posts · 9 votes
    10y

    Hey Lisa! Renting out rooms is a great way to help pay the bills in a tough financial situation but I would just make sure you screen the roomates you choose. Me personally I wouldnt be comfortable sharing my home like that. I would just try finding a duplex and purchase it maybe with an FHA loan so u only have to put down 3.5% and move into one of those units...then rent out the single family and other duplex unit aswell.....all that while making sure the numbers all work out because i have no idea how it is there in Washington

  • College Park, MD · Member since 2016 · 3 posts · 1 vote
    10y

    Hi Lisa,

    We rented out a room for two and a half years when we bought our first home, never had a problem.  Usually problem tenants don't want to live with their landlord.  In our case the bank allowed us to count the tenant's income right away (with a signed lease) towards the purchase.  Kind of hard to find that now.  

    Best of luck!

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