All Forum Posts by: Lissa Harre

Hi @Lissa Harre There's been wonderful advise on here already. I just want to add that knowing your city's property guidelines about living in basements is really important. I'm not sure if Atlanta has violations/citations for this. So just make sure you double check...if you haven't already. Best of luck! 

I did this sort of thing for am airbnb.

id reccomend you err on the side of strict at the cost of possible tenants.

its better if you are happy than maxmizing cashflow. Unlike troublesome rental property tenants, when you house hack, you have to see these issues yourself.

make a house rule sheet, make sure to go over each rule. For the rule sheet think of everything that is important to you. Again, dont think of maximizing cashflow.

for instance, shoes or shoes off, how is garbage handled, is there a schedule for laundry? Are single tenants allowed to bring over "Friends" to their room?

Our main issue was the bathroom on the top floor. We had one in the basement.

the bathroom got dirty, fast. If we didnt clean it up once a day looked like a bus stop.

You have to be specific with people, very.

like if you have long hair, be sure to collect your hair from the drain. If the bin looks full, empty it, dont just toss your garbage at the top of the trash mound.

try to have only single tenants. Unless there are no single people in your area, reducing the quantity of people will reduce wear and tear and stress.

Reading a couple books may answer 80% of your questions. I recommend "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California. You can also check out "Managing Rental Properties" by Brandon Turner.

There is no problem restricting yard use, but it may cut down on the number of interested parties. That can be a good thing or a bad thing.

I definitely recommend allowing pets, but setting limits. No more than two, keep them small, and charge extra rent per month. $50 per month for a dog earns you $600 a year and you get to keep it, whereas deposits are usually smaller and have to be returned.

Be very, very clear about noise levels! Warn them in your marketing, warn them when you show the property, and warn them when you sign the lease. Be prepared to issue warning letters, fines, or terminate the lease when they violate the noise restrictions.

Same with parking. Be very clear about the number of vehicles allowed and where they are allowed to park. 

@Lissa Harre fix the deck. 

You can limit areas, but it will make it more unappealing to some tenants. You can also increase rent to cover utilities and you pay for everything. You can do what you want regarding pets, but I would charge a 1 time fee and get all the money up front. 

Best of luck!

Living in the basement and renting out the rest of the house is a good way to maximize the rent.  

Does each floor have its own kitchen and bathroom or would this be a shared house?

Yes you can specify that the back yard is not part of the rent and that there is parking for 2 cars (or however many you want).  If the tenants do not have use of the backyard, I would specify no pets otherwise the pets will be completely indoor.

As for utilities, for heating, split it by floor-so if upstairs has 2 floors of equal size and downstairs is 1/3 of the space-you pay 1/3. For water, do it by the number of people. HOA is on you to pay.