A mortgage broker rejected someone's loan application until they added a roommate's $1,000 monthly rent to their income. The roommate signed a lease, the numbers worked, and the loan went through. This rent-offset strategy predates the trendy term 'house hacking' by years.
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I reached out to a mortgage broker and he said, you don't qualify. What are you doing? I said, but I have a good job and I make good money. He goes, you still don't qualify. And I said, so what have you seen work in the past? He goes, you can get a roommate. And I go, how's getting a roommate going to help me? He said, well, he'll pay you rent. And I go, yeah, but you don't count that. He goes, if you have a lease, I do. Well, then there we go. That sounds like that's going to be the ticket. So I sent a message to a bunch of my friends, said, who wants to live in a really cool place? Got a couple answers back. And the one guy that I would never live with, uh, I picked the other guy. Um, but he signed a lease and, you know, with that lease and the $1,000 a month that he was going to pay in rent, I actually qualify. I then qualified for the unit. That was a start. And I was house hacking before house hacking was house hacking.
So there we go. Yeah, before BiggerPockets branded it. And turns out you've having a roommate to help you offset the rent is not a completely original idea. Yeah. But it can help you get a property financed.