Any Experience with Rooming Houses?

[Christopher Stanis]

Hi BP community, Anyone here have experience renting out rooming houses? My brother and I are purchasing a 99 unit portfolio, which happens to include an 11 bed and a 13 bed rooming house. Both are zoned and permitted as rooming houses, and both are currently vacant (mostly in rent ready condition though). Are there any suggestions for renting these buildings out in a way that would minimize management time and expense? We have several ideas in mind so far: 1. Student rentals, as we are about 4 blocks away from the local college. Since we're closing in January, the buildings might not be occupied until August for fall semester. 2. Gas well drillers: these buildings had been occupied by Marcellus Shale gas workers over the last few years- the buildings tend to have 100% occupancy or 100% vacancy with these crowds. 3. Local charities - foster kids, veterans groups etc. how long ahead might this take to fill? 4. Converting units to 1+2 bdrm apartments. This will cost the most money and will be outside our budget for at least a few years. Thoughts, experience, and recommendations?