Looking for some guidance on converting my house for hacking
Hello BP Friends!
This is my first post and I am excited to be a part of the community. I currently live in my first home and am looking to move to my next home/pre-investment property and I want to see if anyone can offer some advice on how to get my current house ready for some house hacking.
A little back story is, we have a good situation that can result in a net positive rental situation. Rental rates are high and I have a manageable mortgage on the property. With rental rates as high as they are, it was suggested to me that it may be easier to rent it out by rooms to make it more desirable to renters. With some work my 3 bed 2 bath could be modified to a 4 bed 3 bath as well as a potential to convert the detached garage in the back to an ADU.
My question is two parts: first, would this be a good idea at all and if so, what would be a smart way to go about it. I am completely new to real estate outside of buying my first home, but I want to capitalize on situation and am in need of some guidance.
I would consider the garage to be basically a ground up build (it already has a dedicated yard and private entrance.) and the house I have taken care of, but would need a little work to accomplish my goals. All this would have to be done while being able to purchase my next property for my family and I to live.
I know its a bit to chew, which is why I am asking, but I am grateful for any help or insight!