Hello Everyone, Looking for Some Guidance !!!!!!!!!!
Hello, I am fairly new to the real estate market and what not, but I just wanted to vent and see if you think this could work. Okay so I am looking to move out of my parents house, I have a credit score of 700+ and I am planning on moving out with roommates. I am also planning on creating a LLC for my studio I wanted to start, there is a high demand for it in my area. And I was think why don’t I take out a FHA loan for a house rent the rooms out to my roommates and turn a room into a music studio and charging the average rate a hour which is 50-150 dollars and artists on average take about 60-120 hours to produce a album. So I was thinking if that would be a good idea or am I reaching for the stars?
[{"id": "iz37nif", "text": "What you're reaching for is r/realestate, what you're describing is a home business, not commercial re.", "replies": [], "depth": 1}, {"id": "iz3qjow", "text": "Hey. What you\u2019re talking about is usually called \u201chouse hacking\u201d and can work well. You might also make sure you\u2019re in compliance with local ordinances if it\u2019s gonna be operating frequently as a business. \n\nI recommend you test demand before buying. Find some stock images similar to your house prospect and make some Craigslist postings or postings wherever you plan on marketing. See what interest you get at what rate. If you get a lot of leads and people contacting you, you probably have a good idea!  \n\nWrong sub tho :) good luck!", "replies": [], "depth": 1}, {"id": "iz88e84", "text": "This is a great idea- when you rent out the rooms make sure to post and advertise it on AS MANY sites/ platforms possible as well as the rented studio session idea. It\u2019s all about marketing it correctly, it\u2019s a numbers game- the more people see it (the more traffic you have) the more revenue you\u2019ll bring in from it. Keep this up and update us on how it goes!", "replies": [], "depth": 1}, {"id": "izbbbpi", "text": "So....you want to rent out rooms in the house for you and your room mates to live in AND have rock bands practicing in the same building?  Also if there are neighboring buildings, I can pretty much guarantee complaints to the local police department which would shut down your (what sounds like) illegal business. Depending on the size of the music studio and the structure of the building you better figure a minimum of $10k just for the soundproofing.", "replies": [], "depth": 1}]