Delaware, OH · Member since 2016 · 29 posts · 4 votes
Hello everyone I’ve spent the past year and a half saving up some money I’ve got about $20,000 saved up and I’m looking to buy a single family home with 3+ bedrooms, a basement and 2.5 bathrooms. My plan is to rent out the rooms and convert the basement to rent as well. I plan on doing this with my long term friends they are all financially stable and have jobs and the income to support the move. I am worried it may still be difficult just because a lot of the possible properties around my area (central Ohio) seem to be more in the $200,000 range worried my price point of about $400 per month for rent may not be enough to cover the mortage and other expenses wondering what everyone thinks about this. I’m 20 years old I don’t know if that’s relevant information but who knows, thanks in advance!!
Rental Property Investor · Augusta, GA · Member since 2017 · 825 posts · 278 votes
8y
Hi Jordan,
It is great if house hacking covers all your expenses, but you are also going to have some money coming in from a job, right? Would you be willing to pay what's left in order to own the property? House hacking doesn't mean that you have to live for free, just that you need to be happy with the results. I rented two rooms in my home for years and paid roughly half the mortgage and a third of the utilities every month. That met my goals at the time. Good luck!
Rental Property Investor · Augusta, GA · Member since 2017 · 825 posts · 278 votes
8y
Hi Jordan,
It is great if house hacking covers all your expenses, but you are also going to have some money coming in from a job, right? Would you be willing to pay what's left in order to own the property? House hacking doesn't mean that you have to live for free, just that you need to be happy with the results. I rented two rooms in my home for years and paid roughly half the mortgage and a third of the utilities every month. That met my goals at the time. Good luck!
Rental Property Investor · Haverhill, MA · Member since 2017 · 290 posts · 185 votes
8y
What you’re trying to do would likely fall under rooming house regulations. Check your local rental policies. Rooming houses often have more stringent rules than renting apartments. Also the basement may not conform to a legal apartment due to egress and window regulations.
Delaware, OH · Member since 2016 · 29 posts · 4 votes
8y
@Amanda G. I guess I’m just wanting to make sure I’m putting my money in the right place I make anywhere from 80k-100k a year so it’s absolutely manageable. Just seeking ideas if anyone has a better idea or plan to use my money the most effectively.
Rental Property Investor · Augusta, GA · Member since 2017 · 825 posts · 278 votes
8y
Ha! Jordan, I would be happy to provide some better ideas. I've got multiple offers out at the moment, and would be happy for a new financial partner. I bet there are dozens of other folks here who would say the same thing.
I think you need some more market research. What are 3/2.5 houses actually renting for in your area? A quick look at zillow will be a start. But really, find your local real estate investment group. They will have the local knowledge to help you know where to start.