Renting By the room in the Oakland County area

[Chris Zhang]

Hi all,

I am looking to become a new real estate investor in the Oakland county area in Metro-Detroit. I plan to use the house hacking strategy to get my foot in the door. However, I am having a hard time finding a small multi family property to do so. Therefore, I am looking to househack a single family home. The areas I am looking in are full with young professionals, post grad, as well as medical students. My questions for the forum are:

-What is the best way to find/advertise rent by the room properties?

-Is it tough to manage your tenants in this situation, especially if you live there as well?

-How many rooms best fits this strategy? I am looking at 3 and 4 bedroom houses currently.

-Does anyone know if Oakland university or Oakland community college provides a bump in the rental market for the off-campus living students?

If there’s any advice you can offer on renting by the room, or information on the Oakland County area, that would be greatly appreciated!

Thanks!