Single Family to House Hacking
Has anyone had experience going from owning a single family home to doing a house hack? I bought my house back in February of 2017 for $105,000. At the time it appraised for $120,000 but the walls were bare white. Since then it’s been painted and a few upgrades(nothing major). I pay $725 a month which includes insurance and property tax. Not sure how long it would take to sell but the houses around me have sold for around $150,000 and up.
I’d hope that it would appraise for around $130,000 now at the least. It’s a very large house (4 bed, 2.5 bath, 2400 sq ft) . I’m a single dad with one daughter so we obviously don’t need all of this room. I’d like the benefit of my rent or mortgage being paid by someone else with the house hack.
Id assume my main option would be to put my house on the market , keep saving, and use the profit as a down payment towards a multi family. Just wanted to see if anyone has done this before and had any advice
Thanks!