Is anyone looking (or already owns) for a SFH specifically for rent by the room house hacking?
If so, what are your criteria? What are you looking for in this kind of property and where in town are you looking?
Just looking for some perspective! Thanks!
Hey Jeremy- We do a lot of 30+, furnished day rentals on our own investments and then also for our buying clients in Colorado Springs. People have different philosophies on how to best do this, but here are a few things that are important for this:
- at least two bedrooms
- preferably two living spaces (so, a large downstairs den in addition to a family room upstairs)
- different philosophies on having a TV in every room
- some people I know like this because it limits tenant interaction/limits fights
- other people I know reject this because rent by the room, in spirit, is co-living and social and a tv in each room is antithetical to that
- Provide very clear policies on cleaning, animals, quiet hours
- Charge more for anyone that gets dedicated parking
- Hope that helps. DM me if you have more questions. - Erin
I probably have a more negative view on this approach manning over 300 doors around the Colorado Springs area. We've seen this model go poorly so many times that I do not recommend people take this approach UNLESS you're the owner of the home is living in the property as a house-hack. I highly recommend house hacking but hoping its going to go well after the owner moves out often does not. I know people who have been successful at this but we have seen the end story so many times and left cleaning the place up to turn it back into a traditional long term rental.
@Colin Smith - I tend to agree with this point: your success level will be better if you reside in the house as well. That said, I know someone that has made this their business model and she is very happy with it (has at least 3, maybe 4 of these) and obviously, does not live in all of them. I think she is just very, very clear about expectations and that has helped.