I’m a Junior at UofSC in downtown Columbia. I am looking to house hack a single family home (preferably within 10 minute from campus). When running my numbers I am unsure on what to set rent at. I have been seeing rent anywhere from $350–$1300 per bedroom. Any tips on how to maximize cash flow in the areas around campus?
@Nathaniel Smith when it comes to renting your rooms out. Look for near by apartment complex’s and use them as comparable. Since you will be renting them out individually don’t go off of Single family homes rented to families. I would use apartment complex’s and make it as comparable as possible paying for cable and possibly water at most. Seeing that a lot of streaming is the way possibly can move away from the cable as well.
Great thank you! I am excited to jump into REI but just wasn't sure what to sent rent at when running numbers. Also, great tip about the streaming!
@Nathaniel Smith you can also test demand. Post an ad on craigslist/etc for a given price and see how many call. Obviously everyone that calls wouldn't be a fit, but if your phone is ringing nonstop, or it's crickets, you know you're too far one way or the other as well.
Great advice! I hadn’t thought about that.