House Hacking Beginner - What are the rules for charging rent to my tenants?

[Dailyn Souder]

Hello community,

My partner and I just recently paid off the mortgage to our house. We are planning on house hacking this property and investing in a new property in the near future. The mortgage payment on this house was roughly $1800/month so when we get tenants (or technically roommates while we're still living in the house) we figure we would have them split the rent evenly, or as a percentage of the house since someone could have the entire basement to themselves. Now that there is no overhead cost of the mortgage, how much should I charge my tenants? Should it be the same as if the mortgage still existed? Or should I raise the price of rent to match the current rate in Denver? And how transparent do I need to be with my tenants when it comes to the fact that the house is paid off?

I have more questions, but this is where I will start. Also, if anyone has any books or other media about house hacking or becoming a first time landlord, send them my way!

[David Ramirez]

If the house is paid off or not, that's irrelevant to your tenants. You should charge the market rent in the area you are in based on what you are offering.