Crash pad investing?

Question

Does anyone have experience renting a crashpad to pilots and flight attendants? The idea just came to me. My fiancé and I both work in the airline industry and could easily find tenants. LA is an expensive city and many flight attendants are based here but do not live here. Bedrooms go for $800+ per month. A bunk bed in a crash pad could easily rent for $600-$700. I’m working towards building an out of state portfolio, but this is could possibly be a way to invest locally here in LA also. Just wondering if anyone would care to share their experience.

Account Closed · Answer

@Justin Poulsen thanks for the info. Yeah you’re right $700 is way off, looks more like $300 a bed here in LA. How many beds do you typically see in a 3 bedroom?

Amanda Kessler · Answer

If you have the resources and clientele than you should definitely do it. Gonna be a lot more work, but will give you a lot more money too.

Justin Poulsen · Answer

The most common set up is 4 beds per room.  That is 2 sets of bunk beds.  In bigger rooms you can squeeze a few more and in smaller rooms a few less.  So for a 3 bed room apartment or house you're looking at 12 beds.  On any given night there might be 2-4 people there.

Justin Poulsen · Answer

I run a crashpad in Chicago.  I think of it as a trade off where you do extra work for extra money.  On top of managing the property you also get to manage a community.

$600-700 for one spot in a bunk bed seems high to me.  I'd look at crashpad411.com to get a better gauge in prices.

Good luck.