Savannah GA · Member since 2024 · 16 posts · 6 votes
Is anyone on here in the Savannah market familiar with renting by the room? I’ve been following this strategy for some time (generically) and it seems to be a great option. But market driven, so is anyone familiar with this in the Savannah GA market?
All other markets welcome. I’d love to start some dialogue on your experience.
Is anyone on here in the Savannah market familiar with renting by the room? I’ve been following this strategy for some time (generically) and it seems to be a great option. But market driven, so is anyone familiar with this in the Savannah GA market?
All other markets welcome. I’d love to start some dialogue on your experience.
Yes I specialize in this area. I have been doing it for 4 years. I own 3 properties all co-living and they cash flow very nicely. Now I am niched into a specific type of intentional co-living space, and operate a strategic operation that cash flows me 10%+ cash on cash without management or paying repairs... I am in California
Happy to help share any insights I can, I’ve been lending in Co-Living/PadSplit for the last few years. Mainly GA, TX, and NC but small pockets in other states.
This stems more for research, I'm considering this strategy for investment properties not my house. The difference would be amenities and HOA restrictions at my personal residence vs as an investment strategy.
Thank you for reading my post. I’ve sent a connection request as well. If you don’t mind.
Hey @Amir Wynn I’m in the Georgia market, and Savannah is definitely one of those areas where rent-by-the-room is a strong strategy. Mainly because the market is constantly active with students, travel nurses, and short-term professionals. They have SCAD, Memorial Health University, and the new Enmarket Arena that's gonna bring more than ample traffic year-round. One of the best/easiest ways to test the market is by using platforms that already list rooms for rent, like Roomster or SpareRoom. This way, you can get an idea of potential net per room before diving all the way in.
Reach out to me. I have a property I bought 5 years ago with the intensions of doing this strategy. The same tenant has lived there the entire time and now I have moved on to larger commercial projects. This home would be a great padsplit set up and could easily be converted to a 6 bedrooms/4-5 baths with the proper remodel (currently its a 5/2.5). Its only a few minutes from downtown Savannah so it would be great for service industry folks. Parking is also plentiful which is another key to do this successfully. I would want $165k for the property and cashflow could be killer with 6 bedrooms at $1000 each!
Is anyone on here in the Savannah market familiar with renting by the room? I’ve been following this strategy for some time (generically) and it seems to be a great option. But market driven, so is anyone familiar with this in the Savannah GA market?
All other markets welcome. I’d love to start some dialogue on your experience.
Yes I specialize in this area. I have been doing it for 4 years. I own 3 properties all co-living and they cash flow very nicely. Now I am niched into a specific type of intentional co-living space, and operate a strategic operation that cash flows me 10%+ cash on cash without management or paying repairs... I am in California
Im new to the co living space, I have been " hoovering" up any and all information about it. I am taking a FREE course on the 5th from Sam Wegert on Co living. here is what i have learned so far.
Use @grok or Chatgpt find out what your market is , how many ppl are gig workers, meaning how many ppl are making $15-35 hrly. If it is 50% or more. Good start
Now ask AI what the going price for a studio is, you can get 65% of that price on a shared bathroom room.
No HOA's. Karens are bad, especialy bad in HOA's.
Look for b+ or B- neigborhoods.
Buy at least 2,000 feet every 250 feet is 2 rooms
Make common areas nice, in reality you want to create a vibe, ppl need to feel like they belong.
DSCR loans can be used, however you cant really say Im doing co-living. There are not many comaparables.
If youever decide to sell, some walls will need to come down unless co-living market increases dramtically, you will not be able to sell the property as a co living space in much of the country.