Tips for House House Hacking Large Single Families
Peace to the Forum!
My girlfriend and I are have been doing our research and have been inspired to buy our first investment property and want to employ the house hacking strategy.
Right now we are in the pre-requisite steps of bidding on Real Estate Agents and Lenders and already we have received a pre-qualification from one of the lenders we are bidding on.
We’re looking to House Hack Small Multifamily (Duplex, Triplex) Properties but with what we have currently we may not be able to find a Multifamily within our budget due to the market we’re looking into (North New Jersey area | Hudson country and Essex County) so we’re considering House hacking a large single family in which we would find a property with a basement, live in the basement and rent out the rooms
My questions specifically are:
• Is this a big NO? Should we stick with just investing in a multi-family and wait until we can get a higher pre-approval?
• What are some do’s and don’t(s) in regards to house hacking Single Family homes? Is it different from Multi-families
• Are there specific laws I absolutely need to watch out for before employing strategy?
• Are there any tips and tricks for us to get around certain laws and jurisdictions?
A little about myself I just finished the Bigger Pockets book on “Managing Rental Properties” And currently I’m reading “The Book On Rental Property Investing”
I appreciate all feedback and thank you for your time!