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Updated over 2 years ago,
Large House Hack Advice
A little back story to begin:
I am agent and do not have a W-2 anymore. This has made my pre-approval dicey. So, my father was kind enough to come onto the loan to help the process. This makes so that I am unable to do a multi-family for 5% down and turns it to 15% which is an unreachable downpayment for myself at the moment. So I am transitioning to single-families for the time being.
I have been working a larger sized off-market single-family home. It is a 6B2.5B and I am finally able to tour it today at 1:45pm EST. My mortgage payment will be right at $2,300 and I have 4 friends that have verbally committed to living with me for $650-$680 a month per bedroom(they have leases expiring and I have lived with 2 of them in the past). With 4 people renting per bed (me in a room for free), and one left over I will cashflow(only P&I, taxes, insurance, PMI) roughly $400. With the potential to rent the remaining room I will cashflow one thousand.
I am nervous however. These numbers seem great but it is solely because of me renting by the bed. My ideal situation is to house hack every year. I do not think that I would be able to rent this entire property for $2,300 next year and do not want to sell my house hacked properties. It is located near a college here in Columbus so I could potentially rent by the bed to students but that is also not ideal.
I would love input and thoughts on this situation.