Updated over 4 years ago on . Most recent reply
House hacking/raising rent
Hello everyone my name is Hector, I’m currently 21 years old and I’m getting ready to buy my first investment property that I plan to House hack (duplex). Both units of the home are rented at 1100$ a month each. Each unit is a 2 bed 2 bath with a around 1000 square feet of livable space.this home is an 50min commute from Newyork city in upstate NY.The property’s is listed at 250,000$. I am pre approved for an fha loan through a local lender. Now my questions and concerns are the current rent is below what most units go for which is between 1400$-1700$. So going in to this how should I tell the one unit they have to move out and the other rent will go up? I also want to create A renter contract so what should I include in the contract and example would be great.Also what are some ways I can do my own background check on the current tenants ,thank you and can’t wait for your responses !