Renting rooms in a single family house?

[Jordan Lisenbee]

Hello everyone I’ve spent the past year and a half saving up some money I’ve got about $20,000 saved up and I’m looking to buy a single family home with 3+ bedrooms, a basement and 2.5 bathrooms. My plan is to rent out the rooms and convert the basement to rent as well. I plan on doing this with my long term friends they are all financially stable and have jobs and the income to support the move. I am worried it may still be difficult just because a lot of the possible properties around my area (central Ohio) seem to be more in the $200,000 range worried my price point of about $400 per month for rent may not be enough to cover the mortage and other expenses wondering what everyone thinks about this. I’m 20 years old I don’t know if that’s relevant information but who knows, thanks in advance!!

[Amanda G.]

Hi Jordan,

It is great if house hacking covers all your expenses, but you are also going to have some money coming in from a job, right? Would you be willing to pay what's left in order to own the property? House hacking doesn't mean that you have to live for free, just that you need to be happy with the results. I rented two rooms in my home for years and paid roughly half the mortgage and a third of the utilities every month. That met my goals at the time. Good luck!