Weekly Rentals- Rooming Houses
Hello,
I have an opportunity to buy 3 old mansion-homes in a small downtown district in the metro St. Louis area. Each home has 10 bedrooms and right now the owner operates the homes as weekly rentals. It is a second generation owner and they have naturally let the property go a bit. Occupancy is around 50% and the buildings have some deferred maintenance. I see a huge opportunity to have a great deal on hands especially because they will do an owner financing deal to offset capital gains. Does anyone have any experience in weekly "rooming houses"? I know it will require more management, cleaning, etc but I have only been a fix and flipper and long term buy n holds.
Would appreciate any replies or thoughts on this topic!
Thanks,
Dan