House hacking as a newbie

[Rania Mutumhe]

Hello everyone,

I've been learning a lot about house hacking and I think I'm ready to jump in. I'm single and I bought my 2 bed 2 1/2 bath townhouse as a primary home with no thoughts of REI. Mid last year I came across biggerpockets, have been learning about REI and am thinking house hacking maybe the place to start for me. I'll need to make some renovations like finish my basement so I can make use of that as well and move laundry to a more central and convenient spot so it can be shared. What are some things to keep in mind, how does one do a background check, what are the laws regarding that (I'm in St Louis), any advice, thoughts recommendations etc is greatly appreciated.

Thank you

[William Simpson]

Hi Rania, glad to hear your enthusiasm!

1. For tenent screening I really enjoy using Rentredi. You can run background checks and credit reports on prospective applicants. It's a part of the BP pro membership but you can also check out their demo and subscribe to a plan separately.

2. The city of Saint Louis has a landlord reasources page here with a lot of info. Grab a cup of coffee and do a deep dive.

https://www.stlouis-mo.gov/nst/documents/inforent.cfm

I would also check to see if you are in an HOA and if they have any restrictions. 

As far as renovating a basment to be a  separate unit i recommend working with a licensed general contractor. They will help you navigate the permiting proccess and getting the unit up to code. Unpermited units can cause a major headache down the line if you try to refinance or sell.

Best of luck to you!