Needing to Rent Primary Residence After Job Loss
Hi.
Can anyone give some insight... I bought a home, lost my job and have not been able to secure a new job. Trust me, I have tried every given suggestion. To secure our home, I am considering renting it out. Another option is multi-renter approach - I do not know what it is called but one of my neighbor has done this.
We (kid and I) can live in the room downstairs and renters occupy the other two floors. It is a 3-bed, 3.5 bad, 3 floor home in the loop. My first goal is to secure our home. My second goal, if possible, is to secure our home while living in a part of the home.
Is there any investor who does stuff like this? I am not looking to sell our home.
Thank you.
Most Popular Reply
Ena, I am really sorry you are experiencing this. Your first step should be to contact your lender immediately and ask specifically about hardship programs, forbearance or loan modification options. Many lenders have temporary relief solutions that can buy you time while you secure new employment
What you are describing is commonly known as house hacking where you rent out portions of the property while you continue living in part of the home. With a 3 bedroom, 3.5 bath, 3 level layout that strategy could work well. Just be sure to review any local zoning or HOA restrictions and conduct thorough tenant screening. If structured properly, this approach can help stabilize cash flow without requiring you to sell. If you consult with an investor, some may suggest a "subject-to" strategy. However, I strongly caution against that. In your situation, it is better to work directly with your lender to explore relief options and protect your ownership.