I am making moves to find my first rental property that I will also be living in. I'm in the process of getting a lender and finding a deal, but I was wondering how have people been able to buy a house, move in, and find roommates as quickly as possible to avoid carrying the mortgage by myself? Any and all incite would be YUGELY helpful, thanks!
i would budget for 2 months with no roomates to be prepared in case. i think roomates are easier to find then tenants
Thanks Denise! I plan on taking a very conservative approach to plan for every worst case scenario! That being said I believe I read somewhere that it is illegal to post for rent ads before you own the home, any thoughts on how that works?
no idea about that. But years ago, I met a roomate online before there was an apartment. We met, agreed to be roomates and then started apartment hunting. You could always do something like that until you close on a house
Screen your tenants very carefully. Do not take the first person that shows up with cash
You can post an ad that you are looking for roommates and give a general description of the property. Just don't disclose the address or post photos.
If you are going into this already worried about payments, maybe it's not the right time to buy a house? I would NEVER purchase a property that I can't afford on my current income without any assistance.
When you get in to this game you should try your best to keep yourself and your numbers in a position where you are not hungry. whenever you are in the position to pass on applicants you get the best tenants by default because it is not about the move in cash, its about a long term flowing financial relationship. Keep yourself in a position of patience. That is what I base my numbers on.