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Updated over 3 years ago on . Most recent reply
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House Hacking and dealing with tenets
Hello, rookie real estate investor here with some questions...I recently closed on my first property in Colorado Springs and will be looking to house hack the master bedroom to a tenet. I have found someone that would be a good fit but am curious how I should handle questions about they ask about utilities and who owns the place etc.
Rent will be $1,050 including utilities, covered parking and HOA dues. (which seems competitive in this area being just walking distance to shopping centers, groceries, restaurants, and gyms. As well as the master bedroom being furnished with a private bathroom and walk-in closet)
Tenet questions:
1) How much is parking and utilities typically?
2) I'm assuming you own the place and I will be renting the room from you? rent seems a bit steep and would it really be $2,000 if you weren't living there?
I'm caught in between just being honest to a certain point but don't want to disclose that I'm only paying the rest of the mortgage which is around $400.
Please let me know your thoughts on how I can better handle this situation or any corrections I could look into making.
- Tanner Pile
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Most Popular Reply
If I were a tenant, I'd be thinking "ok, so I'm paying 1050 for a room, everything it included. Is this a good deal for me, or a bad deal for me?" In other words, I would *not* be asking how much these things cost you, only whether the price is worth it to me.
Sounds to me like you have a tenant that is going to be questioning costs all the time, or you priced it too high.
Rather than answer his questions, I would just point him to rental comps why your rent is justified and a good option for him.