Analyzing a property for a house hack

[Claudio Golia]

Good afternoon.

A question for you seasoned house hackers out there?

When attempting to analyze a deal for a house hack, can the BP's Rental Property Calculator be used to assess the deal?

I'm thinking I would just need to enter my portion of the rent as rental income in addition to my tenants? Does that sound accurate?

If not, what are others doing in this space to assess potential house hacking properties?

As always, thank you.

Claudio

[Jared Stroebele]

When I run my house hack numbers I usually run two sets of numbers.

First I run complete numbers renting out all units with property management (BP calculator is good for this).  This will tell me if it will be a good investment when I move out. 

Second I run numbers assuming I am living in one of the units and managing the property and doing most of the upkeep work myself. Basically I want to know much money am I losing every month. Nothing too much more complicated than Rental Income - ( PITI + Capex + Vacancy) if I am making money or losing less than I would be while renting this looks pretty good.

These numbers work for my goals. I want to live there for a year repair/stabilize the property and save money then fill my unit and pass it off to a property management company.  Use the money I saved to move into another property.  I don't mind the snow remove, lawn mowing, painting, and minor repairs.  "Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t."