How to Find Quality Roommates or Tenants & Remotely Manage Your Property

 

Kristina, here! At OHA, we’re big believers in “house hacking.” Simply put, house hacking is getting other people to pay the mortgage payments on a house you occupy and/or own. This is done by renting out the other units or rooms on the property.

“Ah! I don’t want to live with people that I don’t know!” - what I hear, at first, when I bring up this idea. But, keep an open mind and consider this. If you buy a three bedroom house and want two roommates to help pay the mortgage but none of your friends are ready to move, you probably have to live with strangers.

Initially, I didn’t realize this was a big concern for people. I forgot the pains of bad roommates because I developed a system that works for me. In the following post, I’ll go over the best ways to find roommates and tenants for the house you live in. I’ll give examples of how to vet people so you can quickly pick out an excellent applicant and share the best places to post your ads as well as a little info on managing your property from afar (if, that’s the route you end up going in!).

Short-term roommates for the win

When you buy a house with the intention of having roommates, you may only think of getting a roommate on a year-long lease. That may not be your best option.

Personally, I’ve found that any “roommate issues” happen after somebody gets nice and comfortable, usually after a few months. So, I furnished a room in my house and only rent it out short-term (1-3 months). If I have a roommate who is toxic, messy or drinks all my wine… I don’t really care; they will be gone soon enough.

Creating a solid Facebook marketplace or craigslist ad

This is very important! You want to be detailed and also let a little character shine through.

People looking on Facebook Marketplace or Craigslist are just as concerned about having a good person to live with as you are. Create a personable ad, and it will be well received. Include questions toward the bottom of your ad and ask them to please answer when inquiring. If they can’t even do that, it may be a red flag. Then, share it across your social media pages to reach your entire network and beyond.

You can tell a lot about someone from their Facebook or Instagram page - so look your applicants up online!

Other places to post your ad:

  • NextDoor: NextDoor is an app where you can connect with your neighbors. It’s a pretty great resource! People post here for many reasons… if they saw a break-in, if they’re selling something, if their pet goes missing, etc. Post your ad here and ask neighbors if they have any friends looking to move into the neighborhood.

  • Instagram: If you want a roommate you know or someone your friends know, Instagram and Facebook are great places to post. For subleasing my apartment, I needed somebody I trusted. I posted on Facebook and Instagram, but it’s where I posted on those sites that mattered the most! On Instagram, I posted a picture on my feed AND created an Instagram Story to broaden my reach.

  • Facebook Groups: Facebook groups have been very useful to me this past year. I’ve connected with many great people, found job openings for friends and used it to find roommates as well. Post your detailed ad on local housing groups and traveling nurses as well as our Women Investor Group (join if you haven’t already!).

  • LinkedIn: You may be thinking, who even gets on LinkedIn anymore?? You’d be surprised at how many people still do. Bonus: When somebody likes your post, their whole network has a chance of seeing it.

Option to HIRE A PROPERTY MANAGER

Investing in a property manager can be well worth it - especially if you plan to live off of the premises. Our team has worked with Pink Bubble Properties and Good Bones in the past to manage short-term Airbnbs as well as some mid-term properties.

Have you heard of landlord software? Tools like Avail allow you to list your property, screen tenants, sign leases, and collect rent - all in one place.

Finally, make sure you do your research when it comes to the laws in your area. You can find general information and forms for Texas specifically here.

After reading this post, I hope you understand there’s no reason to panic when it comes to renting out your space. Continue to do your research, write up your ad, and see what bites when you cast your listing! I just know you’re gonna hook some additional income to offset your mortgage costs. ;)

For more house hacking tips, follow us on Instagram and TikTok. If you’d like to connect with one of our Realtors to start your home buying journey, schedule a brief introductory call with us here.

 
house hackingStephanie Douglassroommates, tenants, friends, rentals, GENERALComment