Don’t want to count my eggs before they hatch, but also want to be ready to go once I’ve got the keys in hand and have had a chance to move in and settle in.
A few details for my condo to start:
Newer building (built in 2008 but fully renovated within the last year) All units have gone through full remodels + updates 2 bed 2 bath, a bit over 900 soft Only 1 parking space, so none for the tenant Very close and super walkable to public transportation, downtown, amenities, etc Nearby monthly parking lots and city permit parking available
With that in mind, I’ve got a few topics that I would appreciate some advice on. Can also provide more in depth details about my unit and the comparisons if it helps.
Price How should I price the room to be competitive? 1b/1ba units (and even some studios) start at 2000/mo, and 2b/2ba start at about 2300/mo. I’m thinking about starting by asking for 1800/mo and then lowering from there if there’s a lack of interest, but ideally wouldn’t go lower than 1500. Lease Regarding a lease, should I attempt to write this up myself using some templates found online as a basis, or is a house hacking situation in a condo sort of a unique enough situation that I might benefit from going paying a flat fee to some real estate lawyer to help me write one up? Should I have the lease term be month to month, 6 months, or 12 months? 12 months seems shaky in case I get a bad tenant, but month to month makes me worried I could possibly have high turnover (have no reason to think this will happen, but just thinking about worst case). Taxes Reading through things online, tax implications seem straightforward enough to do on my own come tax time, but also open to getting in touch with an accountant to play it safe and/or maximize deductions.
Any other advice very much welcome as well!