Is Rent by the Room Legal?

Question

Hey everyone i was wondering if there are any new jersey investors here who have any experience renting by the room. I was wondering what the legality of it is. Any insight would be greatly appreciated

Nick

Shawn Mcenteer · Answer

@NIcholas Hamel you may want to come to our monthly real estate meet up. I have a few attendees that do the rent by room strategy well. You may want to speak with them, poke some holes in what they are doing. This Wednesday night, DM me for details

NIcholas Hamel · Answer

@Kevin Manafi

Thank

You kevin. Im going to contact my lawyer asap.

Kevin Manafi · Answer

Hi @NIcholas Hamel,

I've had clients, friends, and other investors I know all rent by the room in various areas of NJ. The specific legalities can vary from municipality to municipality, so it's definitely important to double-check the regulations in the hyperlocal area you are thinking of purchasing. Also, it's never a bad idea to run these things by your attorney during due diligience if you have a strong one on your team.

Generally speaking, I can't recall anyone I know ever having had an issue with it.

Is Rent by the Room Legal?

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