Investor · Winston Salem, NC · Member since 2020 · 12 posts · 10 votes
I'm looking to buy my first house hack and wanted to see if anyone had tips, tricks, advice, or potential mistakes to keep in mind when analyzing potential deals, especially since I'll be most likely doing this in a SFH. Even though I prefer small multi-family properties - my local market lends itself to small single family starter homes.
What do you think are the most important factors in picking a potential house-hack, considering I plan to do this every year for the foreseeable future and my focus are buy and hold cash-flowing rental properties.
Some things I'm considering
-Location (balancing the popular local neighborhoods for room rentals with areas that might be better for long term appreciation and SFH rentals)
Single family properties are a little difficult to house hack unless you don't mind roommates. If you don't mind, then get a bigger house and rent a bunch of rooms. I'd go with shorter leases (like month to month) so if it doesn't work out for one reason or the other, you can get rid of them pretty easy.