I have been doing a lot of research and I love the idea of house hacking. I know I have to live there a year minimum so this is my question.
Let's say I purchase a triplex that's a 2/1 on all 3 units and I rent out the other two units. Can I rent my other bedroom out in my unit and have a roommate as long as I'm living there?
@Alishea B. FHA has no restriction on your renting out your room. The necessary item is that you need to occupy the property. Hope this helps. Thanks!
@Alishea B. one of my clients did this all the way through his house hacking career. He started with a two unit in Berwyn, which is one of the main areas we look in the Chicago burbs. He then house hacked a three unit and brought the room mate with him! He was able to pick up three properties before his girl friend finally put her foot down!
I have a client who is doing the same thing in Chicago, the reason FHA requires you to live there is because the assumption is you will better take care of a place you live in, so as long as your bed is in the building they don't care how many renters you have.
You can rent a room to someone as long as you occupy the building.
@Alishea B. Listen to episode 252. Based off your question, you should find it very helpful.
Thank you guys. I appreciate you guys taking the time to respond.