I would like to find out how to calculate how much I can charge per room when house hacking my first investment property? Any help would be greatly appreciated.
You can use sites like rentometer.com to find out average rents for your area. What market are you investing in? Also, if there's a nearby college town you can look on facebook marketplace/craigslist for by the room rentals and see how much they're going for.
Typically, you can cash flow much better by renting by the room. For example, in my area renting a whole 3 bed 2 bath would go for 1200-1500. You could rent by the room at 650/650/700 and get 2100 total ;) - and in a house hacking situation, you'd live in one unit for free or even have a small positive cash flow.
Hope this helps!
Hey Zach, thank you for the tips.
I'm looking to invest in the Soutbend IN area. I work in Elkhart which is less than a half hour away. I definitely need to check out what room rentals are going for in my market so that I can more accurately analyze deals.
Thanks again, this helped.
Sure thing Matthew, best of luck man!