House Hacking in Metro Area
Hey all,
I'm looking to purchase my first property within the next 6-9 months and was researching the possibility of house hacking it. From most of the SFH house hack examples I've seen, it's individuals getting seemingly good deals on 4-5 bd homes, or putting in a little extra rehab upfront, which allows them to have a positive net cash flow after they move out year one. I live in a metro area and would like to stay in this area, if possible, but I'm finding it hard to source any properties, even for example sake, that would allow the property to have a positive cash flow after I move out after the first year. Many 4-5 bd homes are going for 400-500k, while the rent for those are around 2.5-3k/month, leaving the mortgage + expenses to be higher than any potential rent from a single family. It seems like to make a majority of these instances work I'd have to continue to rent out room-by-room after year one, which seems like a tall task.
Wondering if anyone has had success in metro areas, and if so what you looked for when purchasing the home, and how you were able to maintain a positive cash flow after year one. Or if you're focused primarily on a positive net worth return, in which case I could see losing a few hundred dollars a month in exchange for loan repayment and appreciation worth it in your book. Thanks!