Brand New Investor - House Hacking With Friends

[Lane Sanders]

I am closing on a new-build (3 bed, 2.5 bath) June 6th in Bulverde TX (North San Antonio). 385k home at 3.99%, making my monthly mortgage payment ~$2500. This will be my first ever home.

My plan is to rent out 2 rooms to friends at $1000/pp monthly for 1 year minimum.

Should I type up a lease agreement? Should I increase the monthly rent? Should I download an app to collect payment?

I would greatly appreciate any advice or recommendations on how to best navigate this new endeavor.

[Wale Lawal]

@Lane Sanders

Congrats on your first home—that’s a strong start, especially locking in a 3.99% rate! Yes, absolutely type up a formal lease agreement with your friends. Even if it’s a friendly arrangement, having terms in writing protects everyone and sets clear expectations. Charging $1,000 per room sounds fair for Bulverde, but double-check local comps to be sure you’re not leaving money on the table. For collecting rent, apps like Apartments.com, RentRedi, or Zelle (for simple transfers) work well. DM me and I’ll point you in the right direction for lease templates, local rent comps, and landlord tools to help you get set up right.

Good luck!