Single Family House Hacks in Atlanta

[Anye Wanki]

Hello all,

I am a new REI investor in the Greater Atlanta area. My cousin and I are working together to invest in RE. I was initially looking for multifamily deals but the deals have been slim to none so I have expanded my scope to single family residential househacking.

Can anyone please provide any best practices? What to look for to qualify a SF as a good house hack? How do I figure out fair rent price when it comes to renting out rooms (I have used BP insights before to calculate rent for properties not rooms)? Looking to have an accurate as possible rent in order to calculate if the deal is good.

I have been seeing various different types of SFs ranging from ones with 4+ rooms to others with finished basement, others with additional dwelling units and some have garages. I am definitely super excited and pumped to get into my first property!

Can't wait to hear some of your experience with Single family house hacks! :)

[Nicole Nylund]

Hi! I have been house hacking a 3/2 in Decatur and it has worked out great! I bought the house 4 years ago with the plan to house hack.

That was my entry into real estate investing and I didn’t know if there was a correct way to figure out rent. I looked at my total expenses, looked at what other room rentals were going for on Craigslist and figured out rent per room based on that. I was first charging $550 per room, which included utilities, and found out that was too little. It was covering my mortgage and most of my utilities but I could have charged more. When my first roommates moved out, I raised the rent. 

I have now moved for work and rented out my room and it is cash flowing very well.  

I wish you and your cousin the best of luck! Feel free to message me if you have any questions.