Does anyone have experience with buying a single family and renting it out by the room? I currently have another rental property that I have had great luck with medical students renting and have an "in" on the medical students from the school down the street. This house is a little further from the medical school but definitely still doable (15 minutes rather than 5). There's also another college nearby. My hope is to put bolt locks on all the doors and rent them all out on individual leases. It's 2300 sq ft with 4 bedrooms and 3 bathrooms, 2 of which are en suites (private). I just want to maximize our cash flow without jeopardizing liability issues that comes with strangers living together. Any advice would be greatly appreciated. Thanks in advance!
Wow, that's a big house, 4 beds and 3 baths. Awesome. You seem to be heading the right track. I would charge a higher rent for the rooms with the en suite bathrooms. Offer to have some rooms already furnished and charge a higher rent for that (some students are so far away from home, all they have is blankets, pillows and their clothes). Bolt locking is good idea, gives a false perception of ownership.
If I want more bang for my buck, I would place 2 twin size beds in each room and buy a wardrobe for each bed. So now instead of being able to rent to only 4 students, you are renting out to 8 students, now you can charge a much higher rent collectively but the students will barely feel it.
Offer a $20-30 discount on rent individually or $100-150 discount collectively on rent if a group of students decide to lease together (that way you won't have strangers living together but people who are comfortable living with friends).
When it comes to advertising, don't say the place is FOR college students because that would be considered discriminatory. Just say its how many minutes from these colleges.