Tips and advice for first time house hacking.

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Tips and advice for first time house hacking.

Alexandro Paredes
Belton, MO · Member since 2016 · 11 posts · 3 votes

I have a 3 bed 2 bath in KC that I want to rent out 2 of the 3 beds. What advice can yall give to go about this successfully. I want to work up to renting out the whole house and moving on to the next property and building a strong rental portfolio from there.

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Alex Olson
Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
5y
Originally posted by @Alexandro Paredes:

I have a 3 bed 2 bath in KC that I want to rent out 2 of the 3 beds. What advice can yall give to go about this successfully. I want to work up to renting out the whole house and moving on to the next property and building a strong rental portfolio from there.

I have sortof done this in Kansas city. Best advice is to do it...but make sure you have real leases (use cozy.co/apartments.com if you need to) and a roommate agreement that spells out the rules. Have them sign a 6month lease to start. Advertise on hotpads and Facebook. Keep it very simple and fair.Hope that helps. 

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  • Alex Olson
    Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
    5y
    Originally posted by @Alexandro Paredes:

    I have a 3 bed 2 bath in KC that I want to rent out 2 of the 3 beds. What advice can yall give to go about this successfully. I want to work up to renting out the whole house and moving on to the next property and building a strong rental portfolio from there.

    I have sortof done this in Kansas city. Best advice is to do it...but make sure you have real leases (use cozy.co/apartments.com if you need to) and a roommate agreement that spells out the rules. Have them sign a 6month lease to start. Advertise on hotpads and Facebook. Keep it very simple and fair.Hope that helps. 

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  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    @Alexandro Paredes properly screen your tenants. Get a rental application filled out in addition to a lease.

    Screen for (state law permitting) credit, criminal, land lord reference, check pay stubs, check debt and other monthly obligations, etc...

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    Knowing how to screen applicants is the biggest factor in your success. Then make sure you have a good lease and set of rules for renters that make sense, you fully understand and can explain them, and are legal and enforceable. 

    Roommate situations can result in a lot of extra drama. Who ate John's leftover pizza? Sally is trashing the kitchen and not cleaning up. Mike keeps burning incense and it's making me sick to my stomach. Jack's guitar buddies are drinking and jamming until 1am almost every night and I'm breaking my lease and demanding my deposit back!

    It can be done but do your research and make good choices in Tenant selection.

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  • Kristy Farmer
    Investor · Galveston, TX · Member since 2015 · 92 posts · 41 votes
    5y

    @Alexandro Paredes I thought about doing this myself. I’m targeting students. I’d add that I’ve thought about an extra fridge in the garage and putting smart locks on the bedroom.

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