Should you buy a house if you are single and only need one room? Will you be able to afford the mortgage payments?
A lot of buyers have bought a larger Flushing house with 4-5 bedrooms which is more rooms than they need, and filled the empty rooms with roommates. These roommates pay rent to the owner who also occupies the home while sharing the common areas such as the living room, kitchen and bathrooms.
Before you take the initial steps of becoming a owner-occupied landlord, lay down the ground rules of what the renters can and cannot do inside your home because you will see them every day. Screen the roommates very carefully as if you are renting out a whole Flushing apartment unit to them.
Do understand that all it takes is one bad renter to ruin the experience of being a landlord of your own home.
However, there are many success stories of how the additional rent from the individual rooms help the owner manage and pay off the mortgage by easing the financial responsibilities.
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