Updated over 5 years ago on . Most recent reply
House Hacking on the West side of Cleveland
Is anyone in the Cleveland area, preferably the west side, currently house hacking or know anyone that is house hacking? If so, what strategy are you using (traditional, rent by the room, Airbnb, etc.) and how is it working out for you? I know I want to house hack after I graduate next year and just wanted to learn from other people’s experiences. Thanks!
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What's your budget? Level of comfort desired? Ideal commute time? SFR, duplex, or 4-plex? Classic West Cleveland duplexes with 2 bed 1 bath up and down exist in Kamm's/Westpark, West Cleveland, Old Brooklyn, Parma, Lakewood, Edgewater, Ohio City, at various price points, with Lakewood, Edgewater and Ohio City being pricier. You can buy an SFR on west 90th and Lorain for $40,000 or go to West 50th and Detroit and spend $400,000 (I'm generalizing and ballparking here).
What's your criteria? If you're single and on a budget, you can get great prices on an SFR in old brooklyn and house hack rooms to friends or roommates. If you did some internships at Goldman Sachs over the summer and thus have capital then an Ohio City duplex might be more to your liking.
I'm house hacking my second duplex currently and it has been a great stepping stone for learning how to maintain a house and manage tenants.
Whatever you do, do something! Fortune favors the bold. If you make a mistake, tuition will pay you back tenfold in acquired wisdom over the next 40 years. Good luck.