First house hack question

First house hack question

Rental Property Investor · Holbrook, NY · Member since 2018 · 16 posts · 3 votes

Hello all

I own one SFH and rent a place from a friend currently.

I'm working on buying a house hack with the plan of taking the basement which has its own separate entrance and then renting the upstairs.

The perspective house is a 3 bedroom 3 full bath ranch.

The basement where I would be taking has 2 of the full bathrooms and the laundry hookup.

Everything is fully renovated so the tenants will be moving into a new place.

Will having only having 1 full bath and no access to laundry impact the rent I can collect in this scenario?

If so what is the best way to correct this, I was thinking of trying to add a second hookup for laundry upstairs for the perspective tenant.

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  • Fort Collins, CO · Member since 2019 · 158 posts · 117 votes
    6y

    Hey @Matthew Auletta, if you have room upstairs for laundry hookups, or space in the garage I would definitely do it. Of course it will impact the rent-ability of the property, but depending upon what else is on the rental market at the time it may not be a big impact. How about stacked laundry units?

    You should do your due diligence and round up a boatload of comps in the area. Check out this one in your neighborhood:


    https://www.zillow.com/homedetails/220-Springmeadow-Dr-UNIT-D-Holbrook-NY-11741/2086205100_zpid/

  • Rental Property Investor · Holbrook, NY · Member since 2018 · 16 posts · 3 votes
    6y

    @Flash Alexander thanks for the input. I'm going back to the house today so I'm going to map out to possibilities of adding laundry upstairs or in the garage.

    There would be value in having it for the tenant.

  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    6y

    So the basement has one bedroom and two full bathrooms?

    Living above/below someone in a single-family home will reduce the rentability. Lack of laundry will, too. I would steer clear unless this is a really good deal.

    The DIY Landlord Book4.7248 Reviews
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