Anyone with a “2-in-1” Property STR? How did you find it?

[Kirk Simpson]

Hi Everyone! Total newbie here looking to get involved. I’ve been interested in long term rental property investing for a while now and have worked out a plan of action that I wanted to get some feedback on. My wife and I would like to buy and rehab a property that has an “extra” guest/mother in law house on the property we could live in for the first year in order to take advantage of the easier funding on a 203(k) loan while renting out the on-site guest house as an STR before potentially transitioning to a longer term rental when we are ready to move out. Has anyone done anything similar that can give feedback? We would be looking to do this in another year or so after we’ve saved up, but I’d love any input on how to search for these kinds of properties and anything to be aware of. Thanks for any help! Kirk

[Andrew Leese]

Ben Leybovich calls this Luxury House Hacking. It sounds like a wonderful way to go even if it’s not likely to be as lucrative as hacking a plex. Check out his article on this great strategy: https://www.biggerpockets.com/renewsblog/luxury-house-hacking/