Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on .

User Stats

18
Posts
7
Votes
Sage Fradley
  • Palmetto , FL
7
Votes |
18
Posts

Currently house hacking, looking for more

Sage Fradley
  • Palmetto , FL
Posted
Hey I am Sage, brand new to site I apologise if this is in wrong location. I purchased my 1st home for 169000 in Aug 2015 with 49k down from inheritance and 120k though private financing. I am currently paying an interest only 6% loan. I paid 10k on principle so now my monthly house payment is 550. My home is a 5 bed 3 bath home. It is considered a single family but I currently have it functioning as a duplex. It has two front doors and two back doors and has a door connecting via laundry rooms back to back( which is always locked ). I (house hacking)currently rent out the 2 bd 1 bath side for 1000 flat no utilities, since there is only one meter I figured it would be simpler just to charge a little extra then to split it 60/40. So myself and girlfriend live in the 3 bd 2 bath side..... So I am confident I could move out, down and rent the 3bd 2 bath for 1500 and myself still paying the utilities​. I have minimal savings 3k. I have been improving since I moved in and saving to pay off principle. I pretty much break even monthly So here are my precieved options 1- move out and live with family not free but cheap. 2-convert my garage to a studio apartment and move in there. will take time to accumulate money 6 months give or take. 3- don't renew lease on smaller side and move in there so I could rent out bigger side. lease is up next month. I have no debt other than the 110k at 6% 4-I live in a good area where short term rental is possible lots of seasonal events and weddings. so having a large house which is kinda unique to the area seems like it would do very well. There are a few Airbnb's in my neighborhood but none larger than 3bd 2 bath. So move in garage or with family. Any advice or suggestions would be appreciated. I like my house, but I did buy it with an investment mindset. so I am not to emotionally attached. I want to become financially free. So what would bring me closest to that goal? My job blows but it pays decent. I work on the road but in state. summer is our slow time. Now is the time to hustle and build momentum in a direction. Thank you for your time.