House Hacking in Greenville, SC- Midterm rental

[Lindsay Z.]

Hi BP Community! I've had a bit of analysis paralysis on the investment front as of late, but now believe I have found the strategy that will work for me and my family. My husband and I are getting back into the market in hopes of doing a house hack, specifically near the downtown Greenville, SC area and are hoping to rent out the additional space for the house we find to mid-term rental. Any tips or tricks from those who came before in this market? Would love to strategize and get ideas, best types of houses to look for, how to get the deal, etc. Thanks!

[Alan Asriants]

Hey Lindsay, I am not from the market but I would highly recommend running your numbers on the deal as a LTR. If it works as an LTR it should work as a MTR or STR. Since you are buying a house hack, what I tell my clients is that if the cost of living is just as expensive or cheaper when renting out one unit and living in the other as it would be if you were to just rent, then the deal is worth it. FHA - multi family is my best recommendation as you can keep increasing your standard of living and using low money down options

Also for MTRs - look into travel nurses who need 3-6 month leases (location next to major hospital)

Hope this helps