A rooming house is a unique subset of rental properties where either homeowners or landlords rent out single rooms to tenants versus full suites.
These rentals can range from fully furnished rooms to rooms the potential tenant has to furnish. They can vary from daily rentals to weekly rentals to monthly and even yearly rentals.
They fill a definite niche market and the attraction to many landlords is the increased potential cash flow from these opportunities. In the case of a homeowner renting out a room it can be an opportunity to have tenants cover a portion of their monthly expenses or in some cashes even provide bonus cash flow.
The trade off is they do involve more work, they often attract rougher element of the rental market and turnover is much higher than traditional rentals, but once you see the amount of potential cash flow, some of those worries seem to go away!
I’ve operated as many as ten rooming properties simultaneously with a total of 53 rooms I rented on a weekly basis that provided me in excess of $8,000 worth of gross cash flow per week. During busier economic times when rents increased, that number approached $10,000 per week. PER WEEK!
Obviously there are expenses that come with that, but you can pay a ton of expenses on ten properties with that kind of weekly income which is why they became a huge part of my rental portfolio.
To help you decide if these types or properties would work for you and to help those that have already started their own rooming house style property I’ve prepared a Resource Section here to get you the information to help you get educated.
From The Basics of Rooming Houses (a paid guide) to free weekly tips, you’ll find access to all of it here to help you make an informed decision, or to operate your properties that much better.
So here you go…
For Those Deciding Whether Rooming Properties Are For Them
The Basics of Rooming Houses – A Beginner’s Guide
It’s been referred to as a “must have guide for rooming house owners” by multiple purchasers and is only $17.
If you’re curious about rooming houses and whether they belong in your portfolio, click to get your downloadable copy right now.
What Are Boarding Houses – Article
Boarding houses are a special type of property where rent also often includes meals and additional services like cleaning and laundry services.
If you’re renting out a room in your property or considering it, this will definitely appeal to you as a way to distinguish you from competitors and as a way to obtain higher rents!
I also go into some additional details about room rentals, so if you’re trying to absorb information about this market, again highly recommended
Profiting from Renting Out Rooms
More information about renting out rooms and how they can be cash cows. I run through some of the rental numbers to help show you the opportunity and also talk about some of the problems.
Like turnover, problems with tenants and the additional wear and tear. Great for those interested in some of the basic numbers.
Renting Out Rooms
One of my most read and commented articles. In this article I explain what rooming houses are, some of my early experiences (my first headaches that is), changes we made to reduce headaches and much more.
I also go through some of the details you need to know to ensure your rooming house property is a success.
For Someone Ready To Start Their First Rooming House
You can make quite a few mistakes with your first rooming house property, but you don’t have too. You can learn from someone else who’s already made several of the mistakes as they learned. Someone like me!
Yep, it hasn’t all been perfect. I’ve bought in the wrong area, targeted the wrong clients and even picked the wrong people! But every time I’ve made a major mistake I’ve course corrected and by continuing to fix the problems (which has involved selling properties, talk about an expensive mistake!) to creating systems that work I was able to create my own mini rooming house empire.
Now if you don’t mind losing $5,000 or $10,000 by buying in the wrong area, or thousands more by not understanding your target market feel free to take a run at it yourself.
If however you’d like to hit the ground running with the knowledge and training to pick out the best properties, the best areas and by knowing how and what the rules are for your area I have something that might interest you!
It’s my Getting Started With Rooming Houses Course for beginners.
It’s $197 and it includes videos and information walking you through everything you must know BEFORE you buy your first rooming house. I’m talking about information about the best locations to have a rooming house (the wrong area can cost you thousands in vacancies and more if you have to sell). I go over how to find out the rules for your area about rooming houses so the city doesn’t shut you down before you begin. I even talk about figuring out your niche to maximize your rents and your marketing.
If you’re thinking about a rooming house you’ll want to take this course first. Yes it will scare some people off, but it’s it better to invest $197 so you understand what you’re doing versus spending considerably more to buy a property that doesn’t work?
You can order the course and get started training today by following this link,
For Current Rooming House Owners
If you currently own a rooming house property I’d still suggest my Basics of Rooming Houses guide as it’s also full of tips to potentially make operating your rooming properties easier, more profitable and less stressful.
I also have weekly tips I send out that provide some of the secrets I’ve learned from over a decade of owning rooming properties. Some of these tips I learned the hard way, others I picked up from other landlords and some I simply stumbled across by luck.
Every week I’ll send out one of them to help make your life that much easier.
You can register to start receiving them right here,
What Every Rooming House Landlord Needs To Know
Many prospective rooming house landlords have grand ideas about the their property.
These could include the great cash flow, perhaps the security of getting tenants whose rent is paid by government agencies or maybe the ability to help folks in need.
These may be grand aspirations, but the reality is it can be a tough job and there are certain things you need to know before you start (or change once you’ve discovered the problem).
This article talks about some of the realizations I learned along my journey.