House Hacking Strategy Question

[Braeden Cobb]

Hello! I uploaded a different post on multifamily, but this one relate to house hacking. Has anyone had experience in house hacking a 3-4 plex and using different rental strategies on each? For example, living in one, mid term renting one, and short term renting the other? Curious to hear some stories how that has worked out.

Thank you!

[Wale Lawal]

@Braeden Cobb

By using varied rental strategies, you can maximize the income potential of a 3-4 plex house hack. Among these are living in one unit, mid-term rentals and short-term rentals. One could either use the first option to earn more money or counterbalance housing expenses with it. Contrarily, short-term rentals demand a lot of work from their owners. For example, they need more focus on management and maintenance if you go for Airbnb or vacation rentals.

When considering the success of any business venture, particularly one that is centered on real estate, there are a number of things one must keep in mind. Some examples include; market conditions; the location of the property; the demand for renting houses or apartments in that area among others. What’s more, doing a detailed market research, making a feasibility analysis, getting to know similar minded investors through networking are some of the ways that a person venturing into that field can avoid pitfalls.

Good luck!