Anyone ever convert to a rooming house??

[Account Closed]

Considering converting low income properties to rooming houses (rent individual rooms). Several advantages to both landlord and tenant financially and otherwise. Anyone with any experience doing this in a low income area ?

[Jeremy Ferguson]

@Account Closed there are a few here in Raleigh and they do quite well. I know a guy that has a few of them. There are some legalities you may want to check into, one example is that he had to purchase the property next door and convert it to parking in order to give 9 people a place to park being the street parking wasn't enough.

Rent on 1 unit is about $450 -$600/month (different room sizes and some have private bathrooms) in downtown Raleigh, totaling $6,000+/month for one unit. Not bad if you ask me. Once you learn how things work in your specific area, you can get a few going for some nice cash. I would advise you to do all males or all women, no mixing men and women. Your resident selection will be key here.