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Thoughts on renting rooms while living in house?

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Thoughts on renting rooms while living in house?

Postby Garaofsand » Tue Feb 23, 2021 5:21 pm

I'm looking to become a first time home buyer, and was wondering if anyone has any advice on whether I should consider renting a room to help offset the cost of the mortgage/get a nicer property.

Some personal info is as follows:

Income - $55k me, $15k SO = ~$70k total. For the purposes here I think only my income matters because the house would be solely in my name. Credit score: ~750.

SO is still in college so not working full-time.

I've been looking for 2-3br houses in the $120k-160k range in the Minneapolis area for the most part, but was wondering if anyone has experience or advice with purchasing a more expensive house they planned on living in while renting out a room and the rest being shared space.

My ideal situation would be to save to the 20% down payment to avoid PMI/FHA, but I feel I would come out ahead if I rent a room and just pay the PMI/FHA costs.

Currently I'm paying $450 all inclusive for my rent with a guy in the same rental situation that I'm asking about here.
Garaofsand
 

Re: Thoughts on renting rooms while living in house?

Postby TenantNet » Wed Feb 24, 2021 3:59 am

When you rent a room, you become a landlord, and must abide by all housing and building codes. Go to a landlord site; we help tenants.

For all you other information, that's immaterial for this site.
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