My house hacking plan

[Jeremy Griggs]

Hello BP, I was hoping to get some kind of review and advice if any available for my plan.

I am in the process of buying a large 4 Br 3full bath and a half bath home. in a very expensive, very populated area of Birmingham AL. This is my first home for myself where I will live and have 3 extra rooms to rent. I can afford the payments and bills of the home myself which was my priority in checking if things wouldn't go well. So I think I have that covered. the average rent in this area for a 1 Br is around $750-$950. That's just the rent, bills not included. so i think changing 700 a room would be reasonable. that will be with all bills included. I would also like to have a cleaning crew come once a month to help keep the place maintained well for lasted value. A few long talks with a lawyer should get me a very strong 6 month lease agreement. No pets, no smoking, no drugs, kinda stuff. This is pretty much a haven for young students or professionals around 23-35. I think its a fair deal and a easy rent. I will have a second refrigerator in the garage because Ive seen that work out wonderfully in this type of situation before. Do you think I have a good plan? Does it seem far? Its a very safe and wealthy area.

[Mark B.]

Are you the prices you're seeing for 1 Bedroom's for a single bedroom in a house or a 1 bedroom apartment? 

If they are per bedroom in an apt, you could go for it.  I'm sure there are tons of people on both sides.  I would personally say don't do it. But to me, the idea of living with 3 strangers seems miserable and a terrible idea.  
On the other side... there are people who Air BnB parts of their house while they still live there.  

I think if you dont mind strangers wandering through your house, you could definitely make it work.  I would just make sure you think it out thoroughly before hand.