I'm shopping for my first property that will be a house hack so I will be an owner occupier with roommates. I know there are exceptions to fair housing when you live in a property since the tenant will be your roommate so I had an idea. The house is a 3/2 with a finished basement that is large and open (no egress).
The house has 2 large family room areas that would be difficult to convert into additional bedrooms so I am thinking of furnishing 1 with office furniture to try to attract young professionals.
Is there anything I consider in terms of how I can word my ad to attract folks who want a home office without breaking any rules? Is it worth the cost of furniture and the usable square footage to increase the rents slightly?
Thanks for your replies!
Here's my general ideas for each space:
Basement - Fitness area and construction area to add a bath and egress window for future tenant.
Main - 1 kitchen, 2 living room areas, 1 bathroom - convert 1 living room into an office
Upper - 3 bedrooms, 1 bathroom - live in 1 until basement is habitable, rent out the other 2
Hi Justin, I would recommend advertising that you are looking for young professionals. I am not a legal expert but I believe that because you live in the house you are able to have more discretion over who you advertise for.
I utilized a house hack in my 5 bedroom property to get started. The most important thing for me was to make sure I screen tenants to ensure they would be respectful and responsible. The one time I got desperate to rent a room is when I let in a tenant who was a nightmare. Patience is key as we invest for long-term wealth.
Some standards I look for in my tenants are 650+ credit score, ability to pay final month, first month, and security deposit up front, and passing a background check (available for a small application fee for the tenant on Zillow). I don't allow smoking or pets in the house but that is obviously a personal preference. Paying for a professional house cleaner monthly/quarterly can be a great way to alleviate house tensions about who does the cleaning as well!
I'm happy to answer any specific questions you may have if you want to DM me!