Help with house hacking to get second home

[Rodolfo Saracho]

I purchased a home threw an FHA loan and closed in March. The House has since went up 100,000 + in property value. I have been on mortgage forbearance for 6 months. I plan to stay on forbearance for 6 more months. I need help with a contract for house hacking, plan to rent out both extra rooms. I am using Facebook and another roommate finder app to source for roommates. At the moment I plan to use Lease contract from the BP to lease room, but I am not sure if that is good enough for house hacking. Should I sell house then use profits to get 2 more houses? How can I get a contract for house hacking?

[John Leake]

I would have a hard time letting the asset go if it has appreciated that much and has potential to go higher in value. Will it cashflow if you get a couple tenants into the property? Or at least become a good house hack situation? If it will cashflow and you have an asset that is increasing in value, it would be hard to let it go. Here is a link to the Calculator tools here on the site which might help with the math and a visual representation https://www.biggerpockets.com/... . If it wont cashflow I would look to 1031 exchange the property if possible into something that will you would want to get a qualified intermediary for that so its done correctly but you may be able to end up with cashflow and appreciation in another property! Best of luck to you