New to Real Estate · New York / Cleveland · Member since 2020 · 32 posts · 12 votes
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
2y
I listened to a podcast about a guy who was doing this with sober living houses. He had his systems and house rules dialed in and was getting impressive yields, but this is a bit more of a hospitality play than LTR (same as STR is).
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
Hey Thomasina. I think #2 is going to be the biggest issue here. It is very difficult to find a reliable manager for renting by the room here. You'll probably want to get enough doors via LTR first then build your in house team. I know investors in the area that have done that.
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
Hey Thomasina. I think #2 is going to be the biggest issue here. It is very difficult to find a reliable manager for renting by the room here. You'll probably want to get enough doors via LTR first then build your in house team. I know investors in the area that have done that.
Real Estate Broker · Cleveland, OH · Member since 2018 · 227 posts · 133 votes
2y
Hey Thomasina, I'm very intrigued by the rent by room model. I know a few investors who do this at Kent State University and are taking 8 room properties and getting $550 per unit. I also seeing people selling boarding houses in Cleveland from time to time where they're renting out for $2500-$3000 so I think it's definitely a viable model, but like people are saying, you really need a strong property manager to make it all work.
Feel free to reach out to me if you want to talk more about management services for something like this. I'm ramping up my management services over the next few months, but definitely intrigued about room to room rentals and how to maximize your returns.
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
I have extensive experience in CH and all of Cleveland, HOWEVER I would never rent room by room. What can go wrong with a bunch of strangers living in a small space :)
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
I have extensive experience in CH and all of Cleveland, HOWEVER I would never rent room by room. What can go wrong with a bunch of strangers living in a small space :)
Thanks for your insight! Is your experience LTR only?
I’m interested in MTR, so with your extensive experience in CH, if you have anyone in your network who has done this, I’d appreciate an intro! :)
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
I have extensive experience in CH and all of Cleveland, HOWEVER I would never rent room by room. What can go wrong with a bunch of strangers living in a small space :)
Thanks for your insight! Is your experience LTR only?
I’m interested in MTR, so with your extensive experience in CH, if you have anyone in your network who has done this, I’d appreciate an intro! :)
NO, and I know dozens of investors from around the world,( I have done about 70 in CH) no it's not worth it . If it was I would do it. I'm happy with my 15- 20% net per year,
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
I would rather eat gas station sushi then invest in a rent by the room property in Cleveland Heights.
Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms.
1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?
2. Any property managers in Cleveland that would take on properties renting by the room?
3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.
Thanks in advance :)
I would rather eat gas station sushi then invest in a rent by the room property in Cleveland Heights.
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
2y
I listened to a podcast about a guy who was doing this with sober living houses. He had his systems and house rules dialed in and was getting impressive yields, but this is a bit more of a hospitality play than LTR (same as STR is).
Real Estate Agent · Cleveland, OH · Member since 2023 · 73 posts · 46 votes
2y
Thomasina, I have a MTR property I have in Cleveland, just across the border from Cleveland Heights. Depending on the exact location of your duplex, this could be an ideal opportunity to rent by the room, particularly given the area's demand from hospital systems and Case Western Reserve University students who are always on the lookout for housing. Sadly classes just started an our students just moved in.
While finding a property manager might be a challenge, house hacking could be a viable option. With the right tools and a bit of hands-on management, you could effectively manage the property yourself and cater to this steady stream of potential tenants. I'm also getting into property management specifically in Cleveland, Cleveland Hts, and University Hts and am open to doing it
If you’re interested or have any questions about how this could fit into your plans, please let me know. I’d be happy to discuss this further, just inbox me if you need help!
I listened to a podcast about a guy who was doing this with sober living houses. He had his systems and house rules dialed in and was getting impressive yields, but this is a bit more of a hospitality play than LTR (same as STR is).
Thanks for the HELPFUL insight! I’m housing hacking for the first year so trying to get creative with my side of the duplex. I will listing to this, thanks again!
Hey Thomasina, I'm very intrigued by the rent by room model. I know a few investors who do this at Kent State University and are taking 8 room properties and getting $550 per unit. I also seeing people selling boarding houses in Cleveland from time to time where they're renting out for $2500-$3000 so I think it's definitely a viable model, but like people are saying, you really need a strong property manager to make it all work.
Feel free to reach out to me if you want to talk more about management services for something like this. I'm ramping up my management services over the next few months, but definitely intrigued about room to room rentals and how to maximize your returns.
David! Long time no see! I will connect with you. I’ve not yet had luck finding any PMs who would manage a rent by the room in model in Cleveland
Thomasina, I have a MTR property I have in Cleveland, just across the border from Cleveland Heights. Depending on the exact location of your duplex, this could be an ideal opportunity to rent by the room, particularly given the area's demand from hospital systems and Case Western Reserve University students who are always on the lookout for housing. Sadly classes just started an our students just moved in.
While finding a property manager might be a challenge, house hacking could be a viable option. With the right tools and a bit of hands-on management, you could effectively manage the property yourself and cater to this steady stream of potential tenants. I'm also getting into property management specifically in Cleveland, Cleveland Hts, and University Hts and am open to doing it
If you’re interested or have any questions about how this could fit into your plans, please let me know. I’d be happy to discuss this further, just inbox me if you need help!
Best
Cameron you have been a wealth of knowledge! Thank you!!
Realtor · Cleveland, OH · Member since 2023 · 340 posts · 215 votes
2y
Hi, welcome!
Yes, contact the City of Cleveland Heights-Housing Department if you did not already, they should guide you in the right direction. Yes, property managers you can goggle and do your homework and interview to see who you want to professionally want to work with for all of your real estate needs. Yes, I heard about clients/people who rent by the room with their rental properties. Please feel free to reach out with any questions. Best Wishes!