I want it all...

[Forrest Holden]

Hello all,

For some back ground, my two other properties are currently rented out, both retain decent equity and cash flow.

I just closed on my third property located in San Angelo, TX and I am trying to figure out to maximize this property, my new primary residence, financially. I bought bigger than what I needed. I bought a 3 bed 2 bath 1500 square foot home for two people. Of course, I bought this house with the main agenda being to one day move out after fixing it up a little bit and turning it into another rental in my portfolio. I bought it on a VA loan though, so it will be 3 years until that happens. In the mean time though, I have a constant debate running through my mind as to whether or not I should try to house hack and get a room mate to help pay for the mortgage on my primary residence. While this is a smart financial move, I love the house, the freedom and the privacy. I wonder, is the extra $600 a month in cashflow worth the headaches? And would it even be wise to get a room mate when I plan on doing new flooring and paint throughout the entire house. Should I get one now to help me pay for these improvements, or should I get the improvements done first and then bring someone in.

In my last primary residence I took on a room mate for about 6 months.  The extra cash was nice, but I feel like our room mate got in the way more than anything and slowed us down on finishing the house.  I keep going back and fourth as to whether it makes sense right now to house hack taking this 3 year timeline into consideration.

I like privacy space and freedom, but I also like cash flow and progress.  What are all of your opinions?  Has anyone else tried to house hack and renovate at the same time?  I am thinking that it might depend on who I get as a room mate whether or not it will make sense.