Has anyone worked with Homeroom before?

[Daniel Slayton]

Hey guys!

Looking to get my first investment property and came across Homeroom. Essentially their model is to take a 3/4 bedroom SFH, put flex wall it to 6 tenants and rent out each room individually. Has anyone had experience working with them before or this kind of model?

Thanks for your help!

[Harrison Sharp]

I own a property with them in Arlington that i purchased in 2020. It has stayed occupied with tenants since i purchased, i love how it is completely hands off as well and i don't have to do any management and still get great returns. 

[Eliott Elias]

Have not used them, you can use this model on your own. Without paying the fees 

[Basit Siddiqi]

Quote from @Daniel Slayton:

Hey guys!

Looking to get my first investment property and came across Homeroom. Essentially their model is to take a 3/4 bedroom SFH, put flex wall it to 6 tenants and rent out each room individually. Has anyone had experience working with them before or this kind of model?

Thanks for your help!

I took a look at the listings on their website.
Most of their inventory is 30+ min from the 'downtown' area.

Seems like they charge $400 - $600 a bed in Dallas and Houston + a move-in fee to the guest.
It would be interesting to know what their management fees are.
You should be able to make money based on those numbers if they have a nice occupancy rate.

I personally wouldn't rent from there because I prefer my own space but there are definitely people out there that like to save a couple hundred on rent or even enjoy having roommates(Company) around.

Best of luck!

[Gregory Dunton]

@Daniel Slayton - did you end up moving forward?

[Daniel Slayton]

Quote from @Gregory Dunton:

@Daniel Slayton - did you end up moving forward?

 I did not. 

[Marc S.]

Quote from @Daniel Slayton:

Quote from @Gregory Dunton:

@Daniel Slayton - did you end up moving forward?

 I did not. 

 Can you let me know why you decided not to? 

thanks! 

[John Hobbs]

I have had a horrible experience with Home room. It was great with the purchasing. However everything was down hill from there. They were not straight forward with the renovations and even tried to hide a painting error they made and have us pay to have the room redone. Multiple issues emerged the entire renovation period. Their numbers were not anywhere close to accurate and we are paying the bulk of the mortgage out of pocket.  I have contacted them multiple times about the performance with little to no change. They even pitched that I run marketplace adds for my property and refer homeroom (and if a lead goes to another property in the end, I do not get any sort of compensation). This is absolutely a horrible experience in real estate investing. We went with them as it seemed very hands off and I was getting ready to deploy. Our property is consistently around 50% occupancy. My wife and I are at a loss of what our options are to get out of this. Others may have had a good experience but we would have been better off lighting our money on fire to heat out our home. We stuck it out over a year hoping things would improve but they have not. 

[Kristin Flores-Brockman]

Personally, I have not. I have heard great things about Padsplit though, it's a similar model. Since I am not familiar with Homeroom I cannot compare the two, but you should check them out!

[Josh Bowser]

My partner @Michael Dumler is Homeroom's go-to agent in the Atlanta market. Please feel free to reach out to him and he can give you the rundown/connected with the right folks

[Michael Dumler]

@John Hobbs, I'm sorry to hear this! What market did you buy/invest in? 

[John Hobbs]

Quote from @Michael Dumler:

@John Hobbs, I'm sorry to hear this! What market did you buy/invest in? 

 I did Dallas/Fort Worth

[Jayson Tripp]

Quote from @Kristin Flores-Brockman:

Personally, I have not. I have heard great things about Padsplit though, it's a similar model. Since I am not familiar with Homeroom I cannot compare the two, but you should check them out!

I'd be leary of homeroom.  I bought a house.  Made it to their specification. Paid everything off on it so no debt.  Had it with them for 6 months and they can't cash flow positive. They charge you utilities for anything over $250/tenet. I had 7 rooms available to rent.  They have it to 3 or 4 tenet now after 6 months.  Rent collected way under fees paid lease, extra utility charges to me, management fees, taxes, insurance,  do not even come close.  Maybe try padsplit. I was told this was prime spot as well. .