Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
Hi BP Community,
I've had a very successful house-hack in the property I currently live in and am wanting to buy another home (close by) and repeat the process while continuing to rent my current home by the room even once I've left. In the most recent BP podcast the investor being interviewed has done this but I'm wondering if anyone else has had success with this strategy?
Obviously this will require more work then a traditional rental but at this stage in life I'm happy to put in more time for greater returns. Any feedback is appreciated!
@Daniel Haberkost Hi Daniel, I'm currently doing this with my last house hack that was a house with mother-in-law (I'm renting the mother-in-law part by the room and renting out the top part to a family).
So far, it hasn't been any more work than before. The key is to set expectations for each roommate-tenant after you leave because you are dealing with roommates and need to have any rules for any disputes since you aren't there anymore.
One of the reasons why I furnish the common areas and kitchen is to avoid them putting anything in the living room and kitchen. Also, it is good to have someone come and clean the place once a month or so since most tenants aren't going to clean.
@Jeff White Thanks for the reply Jeff! Since posting this I've found several others on BP who are using this strategy and have spoken with them as well. The lender I've settled on actually rents his houses by the room too. Seems like it doesn't require too much additional work.
I was curious about the cleaning so I'll likely hire someone for that and setting expectations has been the key to my success with house-hacking so far so I'll certainly continue to do so once I leave the property, thanks!
@Jeff White Thanks for the reply Jeff! Since posting this I've found several others on BP who are using this strategy and have spoken with them as well. The lender I've settled on actually rents his houses by the room too. Seems like it doesn't require too much additional work.
I was curious about the cleaning so I'll likely hire someone for that and setting expectations has been the key to my success with house-hacking so far so I'll certainly continue to do so once I leave the property, thanks!
A few years back, I rented an Airbnb room in Redmond, WA from a couple of canuck welfare leeches. The couple, who resided in Vancouver, would come to inspect the house once a month. They slept in a small camper parked next to the house and used the house's kitchen and bathrooms. This way they could rent out every room and still take advantage of the house's facilities.