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Updated over 2 years ago on . Most recent reply

User Stats

34
Posts
19
Votes
Josh Raikin
  • New to Real Estate
  • San Francisco, CA
19
Votes |
34
Posts

Seeking advice on Co-living/ rent-by-the-room in Texas

Josh Raikin
  • New to Real Estate
  • San Francisco, CA
Posted

If anybody can connect me with someone with experience in mid-term rentals (3-6 month tenants), I am seeking advice on Co-living/ rent-by-the-room properties in Texas (specifically Dallas/ DFW/ Richardson/ Garland). 

Would really appreciate the opportunity to connect and get advice on the following:

- How do I determine if the city allows for co-living/ mid-term rentals? Does it differ in legality and paperwork from an air bnb?

- How do I analyze the deal? Does it differ at all from an air bnb?

- Does anyone have experience in this field I can learn from?

Thanks for the help!

For example:

I found a property on the MLS in Garland, TX with the following information and analysis (it is under contract now, so no harm in sharing):

- I would plan to fully furnish this and offer house keeping too

Most Popular Reply

User Stats

61
Posts
50
Votes
Matt Solis
  • Real Estate Agent
  • Dallas - Fort Worth Metroplex
50
Votes |
61
Posts
Matt Solis
  • Real Estate Agent
  • Dallas - Fort Worth Metroplex
Replied

Hi Josh, I’ve got two properties in DFW and utilize the RBR strategy.

Usually cities have a limit on the amount of unrelated persons you can have under one roof. It's usually around 4 for most municipalities. The city doesn't care if the lease is one year or 6 months or 3 months. As long as the term of the lease is longer than 30 days, it's not considered a STR. As long as the city doesn't require a certificate of occupancy (I believe Garland does), there is no additional paperwork you need to fill out.

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