Rent by the Room - Challenges

[Drew Harris]

Hello BP,

I'm looking to implement Rent by the rent-by-the-room strategy in the DFW area.  What are some challenges you have with this strategy?  What benefits have you experienced that is positive besides the income?  Do you self-manage? If so what are doing to qualify the tenant? If you hired a property manager what is there screening process? Also % charged monthly?  Thanks in advance for sharing the knowledge!

[John Chong]

Turnover and managing multiple leases might be a challenge. You'll benefit by having multiple tenants if there's high turnover. You'll still have rental income even if you have a vacant room or two.