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Updated over 7 years ago,
Currently house hacking, looking for more
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.