Rooming Houses

[Thomas Jones]

I have an opportunity for a rooming house to buy, It has around 15 units renting for 300 each.

How much of a headache is this?

Ive always said I would prefer 10 - 1 bedrooms over 3 - 3 bedrooms for income reasons, but then you have to deal w/ 7 more people.

Anyway anyone with experience please share.

Thanks in advance.

[Scott Nachatilo]

I ended up accidentally owning one of these properties because I made an offer to the former owner that I was sure would run him off. Imagine my surprise when he accepted the offer.

After owning and operating for several years now, it has ended up being less of a hassle than I first anticipated.

One thing about these clientele that none of you have talked about: some of them are an absolute dream when it comes to management because they have a very low standard of service and they are deathly afraid of loosing there apartment.

I don't keep people in filth - I've definitely upgraded the building to a much higher standard.

At this point, I'm not in any hurry to get rid of the property. It is a cash cow!