house hack- Short Term Rental - Rent by the Room

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house hack- Short Term Rental - Rent by the Room

Edgar Perez
Kenosha, WI · Member since 2017 · 93 posts · 21 votes

Hello BP,

I read through Avery Carl's book and I've looked for other resources but many of them are more focused on general STR or vacation rentals; are there resources available for STRs specifically focused on rent by the room approach or even more specific House hacking and STR? I have 2 extra bedrooms in a suburban setting I would like to rent out and any resources or info will be helpful. I am located between Milwaukee and Chicago, my town also has some local attractions that bring many visitors through the summer.

Milwaukee Racine Kenosha Wisconsin

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Garrett Gruss
Investor · Dallas · Member since 2021 · 49 posts · 16 votes
4y
You could try passive income aggressive retirement By Rachael Richards. She rented multiple duplexes by the room and found traveling nurses, professionals, and other people would often visit.
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  • Garrett Gruss
    Investor · Dallas · Member since 2021 · 49 posts · 16 votes
    4y
    You could try passive income aggressive retirement By Rachael Richards. She rented multiple duplexes by the room and found traveling nurses, professionals, and other people would often visit.
    2Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y

    Don't know of any right off. I don't want potential serial killers under my roof in the room next door. I'll never be that destitute.

    0Reply
  • Chari Nash-Cannaday
    Member since 2018 · 33 posts · 10 votes
    4y

    Hi Edgar,

    I am from Milwaukee and while I dont have any resources, I know people do rent rooms. I have a duplex in Milwaukee where the two individuals in the property are roommates but they signed the lease together. I dont have experience renting to multiple strangers. You could try furnished finder to target traveling nurses that are intrested in renting a room. 

    1Reply
  • Eric Meinnert
    Rental Property Investor · Cedar Grove, WI · Member since 2020 · 12 posts · 3 votes
    4y

    My wife and I run a full house STR on Airbnb. We read Daniel Rusteen's book, "Optimize your bnb." A lot of good nuggets of information for how to successfully run a STR, as an entire property or room by room.

    1Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    Have you browsed the podcasts? I'm certain it's been discussed on the BP RE podcast.

    0Reply
  • Nick Rutkowski
    Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    4y

    @Edgar Perez

    How do you feel about sharing your house with other guests? Better question, how does the lady feel about it? If you all are cool with having others

    share your house then go for it. Through my experience guests with their own space is better for you and them.

    0Reply
  • Michael K.
    Investor · Chicago, IL · Member since 2018 · 352 posts · 175 votes
    4y
    Originally posted by @Edgar Perez:

    Hello BP,

    I read through Avery Carl's book and I've looked for other resources but many of them are more focused on general STR or vacation rentals; are there resources available for STRs specifically focused on rent by the room approach or even more specific House hacking and STR? I have 2 extra bedrooms in a suburban setting I would like to rent out and any resources or info will be helpful. I am located between Milwaukee and Chicago, my town also has some local attractions that bring many visitors through the summer.

    I think you're experiencing some analysis paralysis here. You don't need to read a whole bunch of books to take this approach, just start renting out the rooms! I went this approach a few years back and rented out the extra bedrooms in my place to friends who were looking for a space. I went with people I trusted and who I knew were going to be able to pay rent. It eventually ended when I met my wife and we moved in together but if I hadn't met her I might still be living with them. I'm still on good terms with those friends, no horror stories. 

    Alternatively, you can do the Airbnb route, so long as you are comfortable with strangers coming into your home. I run an Airbnb, people are generally really nice and normal. 

    0Reply
  • Edgar Perez
    OP
    Kenosha, WI · Member since 2017 · 93 posts · 21 votes
    4y

    thank you to those who have replied, I am thankful for the recommendations.  I will edit my original post for clarity, because there is some feedback that is not aligned with what I am looking for.  As far as mindset I am comfortable with this strategy; the strategy I am pursuing is rent by the room, I mean specifically listing on Airbnb a single room for rent rather than the entire place.  I am not looking to rent the room long term to friends or family and my target audience would be solo travelers visiting the area for business or personal reasons.  

    I am having difficulty finding useful information or tips and tricks for this specific strategy, such as what amenities to provide, what is essential to have in the room, things to consider in the shared space like kitchen and living room even though only a guest room is being rented.  Thank you to those that have already commented and thank you to future contributors.

    0Reply
  • John Carbone
    Realtor · Gatlinburg · Member since 2020 · 1k+ posts · 957 votes
    4y
    Originally posted by @John Underwood:

    Don't know of any right off. I don't want potential serial killers under my roof in the room next door. I'll never be that destitute.

    How is it any different if you stay in a hotel on vacation or millions of people who live in apartments.

    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y
    Originally posted by @John Carbone:
    Originally posted by @John Underwood:

    Don't know of any right off. I don't want potential serial killers under my roof in the room next door. I'll never be that destitute.

    How is it any different if you stay in a hotel on vacation or millions of people who live in apartments.

     Do you have metal exterior doors with deadbolts on rooms in your house? Are they going to have access your kitchen and living areas where you family could be?

    Big difference. 

    0Reply
  • Victor SoBusiness Member
    Real Estate Agent · Chicago, IL · Member since 2017 · 324 posts · 192 votes
    4y

    Hey! This is what I actually do in Chicago. I have extra rooms in my basement that I rent out on Airbnb. I find that this brings in more income than renting the entire unit alone. 

    The one thing I would say is, just make sure with the Village or city that Airbnb is allowed. Or, you can do a simple Google search to see if Airbnb is banned in your area. 

    Some cities allow it, some don’t, and some don’t provide guidance on it at all. In Chicago, some of the suburbs completely banned Airbnb and some don’t provide any guidance but you can tell they don’t like it. 

    Victor So Real Estate LLC517 Reviews
    WebsiteView Page
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  • Gino PassantePro Member
    Professional · Milwaukee, WI · Member since 2013 · 52 posts · 25 votes
    4y

    Edgar. @Chari Nash-Cannaday touched on a great point with traveling nurses/ medical staff. We work with clients who self manage STR's who take the room by room route. They have built relationships with local hospitals, airports and misc industrial companies that have transient employees. Engaging and building relationships with their relocation and housing departments could produce a long term source of renters outside of your DIY online ads. Best of luck with this!

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