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Updated almost 3 years ago on . Most recent reply

User Stats

74
Posts
50
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Lorenzo Prieto
  • Lender
50
Votes |
74
Posts

House Hack Investing

Lorenzo Prieto
  • Lender
Posted

Hello! 

I've been searching for my first house hack deal. In my area there are a lot of single family properties that have been converted into duplexes near our University. My goal was to purchase one of these types of homes so I can live in one half and rent out the other (more privacy). I've gotten out bid a few times now on these types of properties near the university so I think I may consider taking a slightly different approach. I'm considering purchasing a regular single family home further away from the university and just renting out the rooms but have a couple of questions/ requests for advice.

1. I'm not sure if lenders will accept the income received from renting out the rooms in my primary residence (reason being I would like to continue to purchase properties). I know most would consider this boarder income. 

2. Would it be wiser to continue to search for the duplex type properties and maybe make stronger offers on homes or could it be just as good renting out the rooms in single family home. Anything I should look out for with the two different  scenarios?  

Any advice helps! Thank you! 

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