Help on this Tri-Plex

[Steve Vaughn]

Hello Bigger Pockets I have a Tri-Plex and just have a basic question how to maximize my profits? The first 2 units have 2 bedroom, 1 bath and the top floor has 1 bedroom, 1 bath. There isn't a mortgage or anything on the property. I was wandering could I start some type group home or will it be better to just rent rooms out? Thanks in advance

[Sue Hoyuela]

Originally posted by @Steve Vaughn:

Thanks for the responses, Sue Hoyuela the property is in Philadelphia, PA and the zip code is 19140. It's close to Temple Hospital and the students that attend the medical school.

I've researched the area and you have a goldmine in all three markets. A newly upgraded 2 bd/1ba apartment in zip 19140 goes for $725/month. To increase your income by renting them individually, 1. You can target medical students. This can be lucrative if you are renting to students whose parents are guaranteeing and paying the rent each month. 2. You can also market your apartments as Executive Suites to doctors, professors and staff at the hospital. For both of these you can charge a bit more, somewhere between $850 - $1000/month. 3. For the Vacation Rental market, you are in an ideal location to capture year-round guests who attend conventions at the convention center or visit the historical tourist attractions such as the Liberty Bell. In this case you can charge: $69 - $120/night. Average income per unit = $1,417.50/month.

What you'll need to do: Furnish the place tastefully, put the utilities in your name, provide strong wifi and have a local property manager available to take care of basic maintenance. If you need marketing ideas, I can help you with that too.

Cheers! Sue