Should I put a home gym?

Question

So I recently purchased my first investment. (Single family, rent by the room). There is a large room in the property that isn’t a bed room that I’m considering Turning into a home gym for tenants. Would it be to much of a liability to put in a gym, or would having some sort of statement in the lease be enough?

Jared Hottle · Answer

yes way too much of a liability and would not add much value I do not think. See what it would take to make into a bedroom or just a bonus room they can use as an office or home gym on their own accord is probably a good way to advertise it

Taylor Dasch · Answer

I wouldnt do it just because it is personalized, unless you are renting to a specific demographic such as Military or something like that. Obviously though, the room has to be something but if it were me, I'd put something else such as a couch, TV, Pool /ping pong table, like a game room kind of. I'm assuming you already have a living room but since your renting by the room, a second living room may not hurt so they dont have to be around each other all the time and can watch whatever they want to watch. I'm not too sure about the liability. I'd imagine that it wouldnt be a good idea from that aspect but have no idea.

Scott Mac · Answer

Hi Rudy,,I'd probably skip it.

Liability, and if someone wants a home gym they typically just put one in (with their preferred equipment).

Install Barbells and a Power cage and you lose the weight pin crowd. Install weigh pin equipment and you lose the hardcore people.

Install either and you lose the ping pong table crowd.

It seems worth more just as a big room.

They will put this stuff in a 1-br apartment if they really want to work out with serious equipment.

Good Luck!

Lawrence Potts · Answer

@Rudy Nieves

I like the way you think!

One thing I would mention is that you may not be able to use the room rental income as part of your income. You should find out which banks/credit unions will let you use the extra income if you need it (if you haven’t yet). Some won’t count that income towards your DTI and you may have a hard time refinancing and getting your money back for the next deal if you can’t qualify for the amount you need.

Good for thought.

Rudy Nieves · Answer

Thank you everyone for your input. It was extremely helpful and I’m glad I asked before I made my decision.

Michael Blum · Answer

Agree with everyone here. Too much of a liability. Plan to use that capital on the next investment.

Bruce Woodruff · Answer

Not only don't do it, but put it in the lease that they can't install a gym either. That way if they do, you're somewhat covered....although they will sue you anyway if they hurt themselves....

Theresa Harris · Answer

Another vote for not doing it.  Too many things could go wrong or happen.

Is it possible to turn it into a bedroom, or a second living space or office space?

Should I put a home gym?

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