House Hacking Orlando | How to Lease Rooms | Qs for Lawyer

[Brandon Wong]

Straight to the point summary:

I'm about to purchase a 3-4 bed & 2-4 bath house in Orange County area. I'm looking into leasing on a room by room basis. A property manager advised me against leasing on a room by room basis (something about not being able to have multiple leases on one property). Apparently, it's extremely difficult to evict a person even if I am living in the property. Does anyone have experience with having/leasing to roommates in their primary house? Are there any tips/advice they can share?

I have also reached out to multiple RE lawyers to try and set up a consultation appointment, does anyone here have any questions that would be important/helpful to ask an RE lawyer? I will document/take notes on my session and share with the community.

Assumptions:

My target demographic: College students/young professionals

Sweat Equity: I am willing to work on the weekends and weekday evenings

Time Horizon: 5 - 10 years

Objective: Financial Freedom at the fastest rate with the most conservative risk level. Willing to sacrifice quality of life in my early 20s for financial freedom

Questions for asking a RE lawyer during my session:

If you have a question that you would like to ask an RE lawyer please follow the question guideline below so I can organize my questions to make it more efficient during my session:

Questions to the Lawyer:

What is the objective of the question?:

How will this question benefit the BP members by knowing?:

Detailed Breakdown of My situation:

I have saved up enough for a 20% down payment + some reserves to purchase a property. I've been looking in Orange county; but I have found it extremely difficult to find a SFH property that CF more than 1k (1 tenant in each bedroom and at the avg cost of rent in the local area) on my local MLS.

I am open to moving to different cities within FL, in terms of life style I can live like a college student/spartan in order to get a higher ROI on my investment. I have no problem with renting out the master bedroom and living in a smaller room. I'm fortunate enough to have a job that I can work from home for now; however, after the pandemic I will be traveling Monday-Thursday (Consulting Job) so I am expecting to use a property management company down the road.

My goal is to have the most CF positive (+1k CF preferred) and tenant proof house in the neighborhood. I prefer to not live in the ghetto and I have been exploring other ideas like purchasing a trailer and living in the backyard while fully renting out my house.

Questions:

What are some good areas to look for house hacking properties in?

- I was looking into Tampa/Clearwater/St Cloud area as substitutes

What are some things I need to look out for while house hacking?

- I noticed in previous posts that I need to familiarize myself with zoning??

Are there any good tips to tenant proof my house?

Thanks to everyone that has read to this point. I'm very thankful that I have found this community that I can be a part of.

Warm Regards,

BW