House hacking SFH - Pros & cons

House hacking SFH - Pros & cons

New to Real Estate · Augusta, GA · Member since 2019 · 96 posts · 34 votes

Hey BPers,

We're moving into a market that doesn't really have Multi-family properties beyond the occasional 2+1 duplex which is an impossible arrangement for our family.  However, it is a market where there are a lot of students/working professionals/military/medical professionals coming in and out for short-term stints so...

We're considering doing a semi-luxury house hack with a 4 or 5 bedroom SFH. Ideally with a master suite on the main floor and other bedrooms upstairs. Most often this means you have at least 2 bedrooms sharing a bathroom.

I'd love to hear from people who have actually lived in this type of situation, where you managed it as short-term rentals or have year-long leases.I just want to get a feel for the pros & cons of your experience. What do you know now that you wish you knew before starting out? 

Did you mange it as a rental intentional community or a live-in AirB&B? Did you have problems getting people who were willing to share a bedroom? Are there any tips and tricks that you'd recommend?

Also, how did the transition work when you eventually left the house and started renting out all the bedrooms? We are only able to occupy this property for one year.

Thanks!

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  • MD · Member since 2019 · 63 posts · 71 votes
    6y
    Hi! I am currently on my first property and house hacking it. Honestly speaking every bad experience I have encountered was a great lesson, that words cant really teach. I learned not to just blindly trust what people say, I learned what to cut costs on and what to get professionally done, etc. I do know one huge Pro is the fact that since you are renting by the room, you are bound to get more money, and the added benefit of having a low living cost. I would try your best to save money over time and not go crazy with new found money, as you are bound to deal with foolishness regarding people not respecting your house lol. Airbnb is nice and all but I found, not being able to vet/interview people before they came into my house was off putting. Had an elderly gentleman come to my house for an Airbnb and on his second day there clogged the toilet and made me clean it and plunge it lol. He also made excessive noise, and since I'm 22, I found it weird to have to tell a man old enough to be my grandfather not to make so much noise, since the first time I met him was 2 days prior. Sorry for the anecdotes, just trying to offer any insight available. Have you already got the property or is this prospective? Let me know if you have any other questions.
  • New to Real Estate · Augusta, GA · Member since 2019 · 96 posts · 34 votes
    6y

    @Jaleel Phillips - thanks for your insights. We're currently looking for the best layout for this situation. Something that gives us a certain amount of privacy within this type of arrangement. So it sounds like you started with airb&b and switched over to longer term leases? Are you happier now?

  • MD · Member since 2019 · 63 posts · 71 votes
    6y

    Originally posted by @Michele Z.:

    @Jaleel Phillips - thanks for your insights. We're currently looking for the best layout for this situation. Something that gives us a certain amount of privacy within this type of arrangement. So it sounds like you started with airb&b and switched over to longer term leases? Are you happier now?

    i personally like the long term lease. And do you already have the property? The long term leases lets me get the cash deposit as well, just in case they end up damaging something. 

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