What’s One Thing You’d Do Differently on Your First House Hack?

[Minho Lee]

Curious to hear from those who’ve already done their first house hack. 

If you could go back to your very first deal, what advice would you give to someone about to get started?

What would you do differently, what would you double down on, and what caught you off guard?

Would love to learn from your experiences.

[Bianca Barcelos]

I love this - so I did my first "house hack" before I knew the vocabulary.  I bought my home in Manchester, NH and finished the basement immediately.  I'm happy with the things that I did to make it a livable space but I wish that I did it with more math and strategy in mind.  I just refinished the things that needed to be made more pretty and called it a day.  It was comfortable enough for a friend or a spare bedroom but, where my intention was to rent it for a little extra cash, I wish that I thought about it for a longer term and maximum rental income.  A mini fridge, durable furniture, a TV, more separate utilities (at least itemized on the rent "bill"), a more formal lease (even for friends), etc.  My house-hack was a basement apartment so I also wish that I thought about a second entrance more fully; the bulk head was useable but not the best.  I wish I added that to my up-front renovation cost downstairs to make more of a standard door or just a nicer look to the bulk head so that the lock and doors themselves were easier to open/close so that would present as the primary entrance.  My answer here is specific to my property type of course, small things but I just wish I thought it through a little more thoroughly. I guess my advice would be to think about your strategy and what you intend to do with the space and then back up the rental income by the renovation cost to figure out when you cover those bills.  Just have a more solid, business/investor-minded thought process to the whole scenario than I did.  If you're already asking these questions, you're already on the right track!