Renting while living in the house. First house

[Luke Turner]

Hello Everyone!

I'm new to investing and new to home ownership. I'm about to close on a 70k house. I will be living in it while renting out the other 3 rooms for 900 a month. I would love to hear anyone and everyone's advice. 

Thanks in advance

[Dan Mackin]

Welcome to House Hacking!

Some things to consider. I'm assuming the $900 is actually $300 a room? 

In that case does the $300 include utilities or do they have to pay on top of that. 

How are you breaking that down? 

Would it be in your benefit to charge slightly more and build utilities in if you aren't already? 

What sort of lease structure are you using? When renting rooms it's best practice to have a room specific lease where the living spaces are "Common areas", but to many landlords in your situation this can feel like a bit of overkill.