Is it a huge mistake to rent to friends? When you’re house hacking, the “renting to friends” debate comes up quite often. There’s a strong chance that where you’re buying a house, you also have friends in the area. If you’re renting by the room, you’re probably in your 20s or 30s, meaning your friends in that age group may also need a space to rent. But is it a good idea to rent a room to your friend, or could that destroy not only the dynamic of your relationship but your future rental property as well?
Thankfully, Nina and Walker have already done the heavy lifting for you and know the pros and cons of renting to friends. In this episode of “House Hackerz”, we’re touring their four-bedroom, three-bathroom home that has been rented to friends of the couple since they closed on the property. They’ve got some strict lease criteria and other pro tips so you won’t regret house hacking with your homies.
Nina and Walker also talk about why they pivoted and stopped following the traditional house hack strategy, deciding to do something much different that fit their lifestyle. No matter how you house hack, if someone is helping subsidize your mortgage, there’s a good chance you’re doing it right!
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House Hacking
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Check out Last Week’s Episode on the 150 SQFT House Hack-Bnb:
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Renting to Your Family Members? Don’t Fall for the ‘Personal Use’
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00:55 Renting to Friends
02:49 Making Money While Nomading
03:51 Dividing Up Landlord Roles
05:18 Mrs. Murphy’s Exemption
06:10 Basement Tour and Roommate Agreement
07:54 Rent Numbers
09:33 Do You Need to House Hack Every Year?
13:48 Final Numbers
#biggerpockets #chrislopez #househacking
Recommended Reading >> bit.ly/32kRpzw
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