Aurora, CO · Member since 2018 · 11 posts · 4 votes
Bought a house last month for 285k in the suburbs of Denver. Looking at various rooms for rent in the area, it looks as if fair market rent this year will lower my cost down to roughly 25% of the mortgage. In a perfect world, getting down to 0% or even -25% would be grand but I don't see that happening until at least 5 years down the road. It will take probably at least that long for inflation and demand to shift to that point.
What strategies have you used to accelerate the process towards getting tenants to pay the entire mortgage? Is such a thing even feasible?
@Kenneth Westervelt - I have almost always have had student rentals in my portfolio. For these it was very easy to rent by the room, this allowed me to garner much higher gross income for the property. I even house hacked a property like this years ago and it allowed me to live rent free. I think room rental is a great strategy, but I have always used it for college students.
I had a friend that loved buying townhouses, and doing room rentals to young professionals, and freshly divorced folks. He had a lot of success renting to 35 and younger.
Room rentals is doable, but also prevents other challenges like making sure folks get along and having multiple leases, more common space maintenance, etc.