Franklin, TN · Member since 2017 · 31 posts · 7 votes
I know most people house-hack with a MFH but are there any pros to house-hacking a SFH that you can't capitalize on with a MFH? MFH are harder to find than SFH in most markets, especially with my meager budget. Is it worthwhile to house-hack a 3-4 bed SFH if it means I'll get my foot in the door with REI faster (assuming the numbers make sense) or is it beneficial to be patient and wait for a MFH that matches my criteria?
I was originally looking in smaller cities in TN for properties but have come to the realization that I don't really want to live in a small town in TN. I want to live in a more metro area, I've grown up in suburbia TN my whole life and would KILL to be able to bike/walk to a restaurant or bar from my house and Nashville is too expensive. I've come to the conclusion that Louisville and Jacksonville are my front runners and it seems that Jax has higher rents compared to Louisville.
The first house I ever rented when I moved to Nashville was a guy house hacking. 3 bedroom. Covered his mortgage and then some.
You can most definitely find something man. You can get a nice SFH for relatively cheap if you factor in the house hack benefit! It's 100% doable in Nashville. Don't bother leaving your backyard when you can do it in this market.
@Waylen Herdman Louisville is a great market for air bnb as a way to house hack. All you need is extra bedrooms and preferably extra full bath. There are specific rules that you need to follow so look into that but could work out nice for someone in your situation.
The first house I ever rented when I moved to Nashville was a guy house hacking. 3 bedroom. Covered his mortgage and then some.
You can most definitely find something man. You can get a nice SFH for relatively cheap if you factor in the house hack benefit! It's 100% doable in Nashville. Don't bother leaving your backyard when you can do it in this market.
I actually have a co worker who own a STR rental in the Highlands. That's a possibility for sure. Getting into MFH within my budget seems more doable in Louisville as opposed to Jax but I think it's going to come down to which city I like the most. I'm planning a visit to both here in the next month or two.
I look at SFH in Nashville periodically but with my budget there are a TON more options in both Louisville and Jax. Plus I've grown up in this area my whole life so I think it's also time for a change of scenery. :)
I house hacked my first house I bought while in college at MTSU. I was working full time and going to school. Had a buddy that had graduated a couple years ahead of me and went into the mortgage business. Back in 2001-2 they'd give anyone a mortgage. I bought a 3/2 in Murfreesboro and rented 2 of the room and eventually rented the 3rd room (my room - the master bedroom) to my girlfriend now wife when she moved in. It paid my mortgage and cash flowed. The only difference in house hacking a SFH versus a Multi is in a SFH you have to live with the renters and deal with whatever mess and drama they come with.
If you decide to househack in Louisville with Airbnb, the new regulations won't apply to you. The city is cracking down on absentee owners, not owner-occupied units. However, the property better make sense as a LTR once you decide to move.
One benefit to a SFR over a multi unit is that when you go to resell there are often more buyers in the market for a single family. My first house hack was a single family in Louisville (Camp Taylor area) with roommates. After I married we house hacked with AirBnB until we turned it into a long term rental.