First House Hack - Need Advice

[Patty Nisbet]

This is our first house hack! We are looking to purchase a house with a basement hoping to have a seperate entry or a room that can be a seperate entry. We currently have a house we rent and rent a very small room that has a seperate entry and split profits. We see how succesful it has been so we are ready to own our home and do the same thing. We just can't do what I see many people do and rent rooms in the house due to have a child and 2 dogs. I just don't feel comfortable sharing space unless when we gave a child. I am feeling so LOST on where to look. How do I know if I see what I think is a good house the location would work? Most of the house we are finding for what we can afford is inEasy Aurora or not the best areas of Aurora, westminster or Thorton. I am not sure how to know we will get STR in these areas. I would love to find something in west Denver but there isn't much. We can't fix up much the house but if we have to invest money to create a seperate entry we can do that. I have been so used to living in either downtown Denver or Park hill neighborhood. Would these suburban neighboorhoods like Centenial, Aurora or Thorton be good options? Is there a way to estimate how much I can earn in rental?

The other issue is our rental is supposed to be renewed in a month and a half and the market is so low we feel stick because if we can't find a house by the time the lease runs out we will have to resign but if we do that then we would have to wait another year or there are hige fees to break the lease. 

Thanks for all advice! 

I really want to make this Happen! 

[Patty Nisbet]

Hi, Thank you for all the great advice! As for as lease renew. We are subleasers where we are the cohosts for a company that rents to the landlord. I know typically they charge you first and last month rent but this company makes you pay $2400 for every month you break your lease. It would be a lot if we have to resign. I will ask though about the month to month. I have a feeling they won't.

As for where we feel comfortable living. It feels like based on the limited options of homes and buget it feels like I should buy in any location just to get in. I will have to sit on this more.

Thank you for sharing anout your client in westminster and the breakdown for getting thier basement rented. I have been curious how much it would cost to build or dig out a basement door and upgrade windows.

As far as buying a duplex I think this is a diiferent loan right? It is an investment loan? 

One more question. Do you look for different things in a home that you know will be best to do a STR when you move from the hpuse that you may not think about if it is your forever home?