Get my feet wet without diving headfirst - what do you think?

[Richard Burke]

Anyone have experience renting a spare bedroom/bathroom in their current house?

I was thinking about a single family house 3/2 (or something with in-law suite)

I am early 20's and considering it instead of a duplex/ triplex due to financial reasons.

The area I will be moving to (Florida) has a few colleges so it may be possible to rent to a fellow 20 soemthing for $400-600/month while splitting electric.

Some houses that were under $135,000 caught my eye and given FHA loans, the total monthly payment on a 30 year loan is completely within my reach (even without a rented room).

Pros:

Cheaper overall cost vs duplex (mortgage + taxes +pmi ) = not reliant on tenants (not des

perate)

Much nicer curb appeal than local duplexes = higher appreciation?

Eventually rent to a family = only 1 unit to deal with + higher monthly rent vs duplex

Able to learn home ownership in's and out's (Ive never owned a home)

Able to keep closer eye on tenant (see cons)

ITS AN ACTUAL HOUSE (not some apartment looking duplex)

Able to spot problems tenant may ''forget to mention'' without snooping (illegal btw)

Improvements improv

e my living space too

Cons:

Will share common area with roomate ( I see you're a nudist...didn't mention that on the app)

More specific clientele (college student / recent grad)

Lower income clientele? (student / recent grad)

Broke college student(s) might try to screw me.

Live-in lover(s) (needs to be made clear in app

process)

Lower cash flow vs duplex (lower relative expenses?)

Vacant room = no income at all (when compared to duplex)

Damage = damages my living space too

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Most investors will probably hate this idea of house hacking, but on paper it seems that many cons can be prevented with adequate tenant screening, and at this point in my life I wouldn't hate living with someone (maybe ask me this in 6 months from now :-P )

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House- $130,000

Duplex $238,000