House Hacking Experiences

[Hariharan Elavarasan]

Let’s learn something today.

House hackers, what is one piece of unique advice that you have from your first experience house hacking?

I’m looking to buy in Spring/Summer so I’d love to hear different stories (good and bad) about all parts of the hack, from research to buying to managing, all of it.

[Malkia Ra]

I started my real estate investment journey through house-hacking.  Here's what I've learned:

1. Don't rent to family or friends.

2. Landlording is a business.  If a tenant is under the impression you are or want to be their friend, things go downhill.  That said, if addressing issues and maintaining the relationship as strictly business is hard for you, hire a property manager.

3. The higher your screening standards, the better potential tenants you'll attract, even when HH.  I've received unfavorable feedback from unqualified tenants; from their perspective, my screening process is "over the top" (as one put it), because I was renting the basement "not a real apartment."  This type of feedback from my screening process is nothing more than "the trash taking itself out".  They're salty because they're counting on house hackers to be lenient with their screening parameters, and some HH are.  Don't be that HH.

4. Everyone signs a lease.  Whether a tenant wants to rent from you on a short term basis or an indefinite amount of time, make your tenant sign a lease.  Additionally, when starting out there's always a learning curve... that said, don't hesitate to revise your lease template as issues or concerns present themselves, so that you're covered going forward with the next tenant.

5. Put it in writing.  Verbal conversations hold no weight.  When an issue or concern arises, always put it in writing.  Any verbal conversations should be followed-up with an email or text of the conversation,  next steps, etc.

6. One of the advantages of HH is being present to keep a watchful eye on your property and the activities of your renter.  When you notice something, address it immediately.  The longer you allow anything to go on unaddressed is like giving the tenant the green light to continue.

More to come...