All Forum Posts by: Rami Ibrahim

Hi everyone, I'm new to the concept of co-living.  While doing research I noticed some areas have some rules on how many non-related people can live in the same house.  If I have a 6 bedroom house, can I rent to 6 individuals?  Does anyone know the rules in RI.  Thank you for your help!!

Hi, I'm looking in Providence for my 1st multi-unit deal (I have only done SFRs to date).  I'm thinking of renting it out by the room to students.  Anyone have any experience in this area?  Any advice?  

1- If I am renting to students, when should the units be vacant and ready?  Before summer, mid-summer?
2- Does anyone sign multi-year leases with students? is that possible?
3- What are some of things you have found to attract students to your rental?

Hi Grant, a few things to think about: Does your 15K include the holding costs during the Reno & while you find a new tenant?  If you can really get 1800/month (400 extra a month is ~$5k in extra cashflow) - which is amazing...however if you don't end up with a long term tenant, that $5k shrinks a bit.  

I would probably have an honest conversation with my tenant.  Show them the comps and share with them 2 different options.  A 1 year rental agreement at $1550/month and rent at $1700 after that.  I'd include a portion (or all) of the $15K in Renos (you can pick things that make sense).  You can do them while they are in the unit - so it minimizes risk etc.  Or same but with a multi-year rental agreement where you step up the rents to the $1700 over 3-4.

For me - if I have a good tenant who pays and takes good care of the property - I'd want to keep them, and give them the benefits of a renovated unit - rather than give it to someone new.

Hope that helps!