House hacking in Melbourne,FL

[Carly Oliff]

Hi. I am for guidance on house hacking with a family in Melbourne FL. I want to buy a multi family property to cover mortgage costs so I can spend more time with my infant. Are there any experienced house hackers in my area that can provide some advice?

I currently own a single family house in Viera that we are looking to sell or rent out to purchase the multi family. However, renting out our home would not cover the cost of mortgage and taxes. We'd still have to pay roughly 500 per month. I've thought about renting out rooms in our house but the HOA doesn't allow this. Also, there aren't many multi family properties available in our area. So I guess I'm not sure what to do.

[Tyler Gibson]

@Carly Oliff What exactly does your HOA not allow? I know most HOA's will not allow Short Term rentals but if you that is classified as less than 6 months. So in theory you could rent a room with a 6 month or greater lease. If you can rent the whole house then I see reason why you could not rent a room as long as it was long term. then again some HOA agreements may exclude this exact thing. Make sure you read it carefully and do not rely on the answers of a person. Even if someone at the HOA says you can't if the document says you can then you can.