Can I live in 2bd Condo & Rent 1 Room?

[Rick Alvi]

Hey guys, 

I live in a major city and want to house hack with my first investment so I can save more money faster towards my next investment. I am leaning towards condo because my intuition tells me it will be easier and more natural to find someone to rent a room in it. I want to live in one room and rent the extra room. Do you all know if this is possible, or is it only really feasible in a single-family home? Thanks.

[David Moss]

Rick, in most cases you will have an HOA (Home Owners Association) that will have a book on regulations for living in a house/condo/etc. that they control. And I do mean CONTROL. So make sure you have a copy of it and read it thoroughly before making such a purchase. HOA's are just a royal pain to deal with as they can also change their own rules anytime as well. I have personally rented a room via Craigslist.com with great success in finding great landlords, but then I am no risk to them. Do your diligence if you rent accordingly by really checking into a persons background before you rent to someone. Do a financial AND criminal background check before letting someone into your house.