New to Househacking

[Andrew Thomas Vedder]

I have am closing on my first primary residence in June. The property is a 3-2 1515 sq feet. My girlfriend is going to live with me and I plan on renting out both other rooms. 

1) Do you think I should rent out both rooms with only one other bathroom available? 
2) The two other available rooms share a wall. Do you think this is a problem?

3) Where have other house hackers found success in finding tenants? Do you have a go-to site? 

Thanks BP. 

[Harold Looney]

Andrew Thomas Vedder - congrats on your upcoming close. 

I use Spareroom.com to find my tenants. I typically rent to single working professionals. One of my tenants works the over-night shift so it makes it easier for three people to share a bathroom.

I've had issues in the past with students having too many guests. I've also had issues between male and females, so I typically try to only have one gender per apartment (either all males or all females).

[Joshua Filkill]

You should rent out all rooms and make it known that the bathroom will be shared with a roommate. I've mainly used Zillow or FB marketplace

[Tanner Pile]

@Andrew Thomas Vedder

As long as you market it correctly and state it will have a shared bath it will be fine. Also, consider your girlfriends comfortability level. She may be fine sharing a kitchen area but a bathroom could draw the line even though you could possibly get more rent being in a bedroom with a shared bath. Shared walls don't matter much. 

I use facebook market place, roomster.com, roommate.com, and apartments.com. Facebook always seems to have the best success. 

Good luck!

[Devin Dang]

Congrats on the first property and house hack @Andrew Thomas Vedder!!!

1. My personal rule is no more than 2 people sharing one bathroom so youre good here (I've had to do 3 people to 1 bathroom before and still works but dont recommend)

2. Screen the tenants and understand their lifestyles to predict if this might be an issue. If one is a gamer that stays up late and the other is a crossfit coach that wakes up super early, may not be a good fit. Does one party consistently and the other likes to stay home and read? Ask the right questions and use your best judgement if they would be a good fit

3. Roomies.com / facebook groups / facebook marketplace can get a lot a spam or unqualified candidates but can work if you have the time to swift through them

[Jonathan Aversano]

Use online forums like Facebook groups and even Zillow. If you're truly struggling to fill rooms, consider a leasing agent. Shared walls and shared bathrooms should be fine so long as the listing info and the listing price reflect that.

[Matthew Kwan]

HI Andrew, yes you can definitely move out from your current home by converting it into an investment property and renting it out. This will allow you to have extra borrowing income and offset your current mortgage payment. As for your next purchase, it depends what loan program do you use. You can put as little as 3.5% for FHA or 0% down for VA for multifamily units and rates are typically lower than conventional, however there are more upfront costs at closing. On the other hand, if you are planning to use conventional, 2-4units will require borrowers to put 15-25% down payment, but the upfront costs are lower than the other two loan programs mentioned above. @Albert Bui @Carlos Valencia. Happy to connect and discuss your scenario.

[Ryan Thomson]

@Andrew Thomas Vedder You are over thinking it. You got this! 

1. Yes. Just tell tenants and make it clear. Also think about if you want to live in that situation. 

2. No. That will happen anywhere.

3. Facebook marketplace and craigslist. Take great pictures and make it really clear what you expect and what the place offers. 

[Andrew Thomas Vedder]

@Ryan Thomson

Thanks Ryan. Would you furnish the space with anything or just leave it empty and let the tenant furnish it? 

[Ryan Thomson]

I would let the tenant furnish it.. I would furnish the common areas and kitchen supplies though.

[Matthew Kwan]

Hi Andrew,

First step is actually to speak with a lender and get pre approved and discuss your strategy for investing. What is it exactly that your trying to accomplish with your next investment property. Are you trying to buy it as an owner occupied? Non-owner occupied? is cashflow important or are you looking for more appreciation overtime? There's still many questions to ask. The best way to answer these questions is by getting pre approved and if possible with a lender who also works with many investors and invest as well as they will be the most knowledgeable when it comes to what loan programs may best fit your scenario. Once you figure out the loan product your using and how much you prequalify for then you can speak to a realtor to help you find a good deal. Hope this helps. @Carlos Valencia @Albert Bui