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Updated over 1 year ago on . Most recent reply

User Stats

33
Posts
35
Votes
Immanuel Pierre
  • Investor
  • South Florida
35
Votes |
33
Posts

Property Manager for Rent by the room property

Immanuel Pierre
  • Investor
  • South Florida
Posted

Does anyone have experience with property managers and renting by the room. I have a 3 bed 2.5 bath 1100 SQ/ft town home that I am currently house hacking. It is very high chance that I will be negative cash flow due to increase property insurance and HOA. It is located in a desirable area (Pembroke Pines, Fl), that averages rents from $2990-to $3600 depending on amenities. However if I rent by the room I am predicting being able to ask for $1200-1500 per room (1500 for master 1200 for each bedroom). I considered selling but it is my last option. I have the cash flow in my budget to eat around $700 if need be, but this is not ideal because I am looking to scale. Just looking for experiences or suggestions from others who have handled a similar situation.

Take Home Pay:  Approx $105K/Year

Moving to Colorado in the next 6-9 months 

Living with a friend for extreme discounted rate 

Own two homes, one in Colorado cash flows around $250 , one in Florida (property of topic) [Mortgage$3200 HOA $440]

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