The first thing that popped into my head was "who keeps the common areas clean?" So how do you handle it with your room rentals? Are the tenants responsible for keeping the kitchen and bathrooms clean or do you use a cleaning service for that? That seems like a NIGHTMARE if you're depending on multiple people agreeing to keep your asset clean.
@@coreyedwards2886 I have someone staying there take care of everything and charge less rent so it works out. It can be a nightmare if someone does not have a system
hey im interested in buying a new house and renting out rooms. How has your experience been and do you have any insight on it. Could you dm me about it. much appreciated
In my city, some companies are taking it one step further and each bedroom gets its own private bathroom. the only living spaces shared are living room and kitchen. This eliminates the #1 complaint about boarding homes (ie rooming houses)....and that's sharing a bathroom. It involves more renovation and more cost, however it allows you to charge MORE per month. So while you may get $550/mo doing it this way, giving each bedroom its own bathroom shoots it up to $800/mo in my city
Good info, my uncle has been doing this since 2009. Where we're from, they call them rooming houses. I was surprised to see how many people were comfortable sharing living spaces. Great concept!!
This is a common practice in the Chinese community where someone buys a house and rent out any extra rooms, individually , to ppl in the community. Definitely great on cash-on-cash... It seems like the key to scale this concept is in GREAT management, cleaning company, n acute screening process. I wonder what part of a city would be considered IDEAL spot to apply this method of housing
But since investors can improve their ROI they will be willing to invest in rougher neighborhoods which are now dominated by section-8 which typically does not incentivize the properties enough for landlords. They place all these demands on the landlord and in the end they disincentivize the section-8 program because the return is too low. If this catches on section-8 will need to compete for landlords.
Good information. I am in California and I own several rentals and apartments. I’m exploring the model of renting rooms instead of stand renting an entire home or dwelling to a single family or tenant. Good tips for managing and avoiding pitfalls
Im in a 4 bedroom home and im planing on building a separete unit. I met some single ladys from church. I would be willing to rent the house by room and i would like to live in a separate unit in same property.
Make sure you lock your own bedroom doors tenants! This way you cannot say someone stole your expensive items. And when you leave out back their door lock!
PadSplit is a great way to build an open market around rooming housing which are not easy to find. Totally agree with Furman that this really addresses the affordable housing crisis in the US and is a game changer.
Funny how this is a hack my mum has been doing this since the early 2000. Love the Military background. I'm coming out of the Australian Army Infantry bought my first house and looking for more business opportunities.
We don't care where you two live. LOL Pad Split is the new term for Housemates in a shared residential dwelling, sorta like college? Except YOU & your wife n kids DO NOT LIVE THERE... HOW ON EARTH DO YOU PREVENT ANGRY HOUSEMATE FROM FIGHTING....UGH! Best to be furnished, hire a house cleaner, and hopefully an airtight rental agreement.
They been doing this in the hood for years. Most of the time it’s low income people who have to work 24/7 just to make that weekly rent and don’t have time to be home.
