Quickest way from house-hacking to Passive income

[Federico Bueno]

Hi all,

Buying a house-hack in Little Elm Texas. It has 6 bedrooms! Moving there initially since low down then ideally want to rent some rooms to cover mortgage! We'll likely use 2 bedrooms and leave 4 bedrooms available! What is the quickest and most feasible way to transition from living there to setting up this house for passive income: leaving a property manager or somebody to take care of it! I've thought about leaving it rent by the room with property manager, airbnb by the room, or airbnb the whole house? Any suggestions?

If somebody is done this before would love to talk?

Thank you,

Federico

[Diego A.]

Hi @Federico Bueno

Welcome to the neighborhood!!!

@Rick Albert has answered the main points that you have to consider. 

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.

It requires to do a lot of due dilligence to begin with mainly in such big house. 

One simple example, if you take two rooms and rent another 4 rooms, you will have two cars and each of the other tenants will have at least 4 other cars making you house to accomodate 6 cars. Do you have the space? 

Little Elm and most cities in DFW are not walkable location so they need a car to move around.

Many things to consider, and there are only a few that I know that have done it in a short scale.

Happy to connect and rainstorm more.