Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

530
Posts
397
Votes
Bjorik Mutize
  • Real Estate Broker
  • Minneapolis, MN
397
Votes |
530
Posts

Rent Per Room: Recently Closed Duplex

Bjorik Mutize
  • Real Estate Broker
  • Minneapolis, MN
Posted

Hello all!

I have finally closed on my first duplex in a local city(second property, yay!) and i just had a few questions on some strategies to increase cash flow.I'm going to be living in one unit, and renting out the other. This is a fairly large duplex being a 4/1 lower unit, 3/1 upper unit.

I have finally found tenants for the lower unit, which agreed rents allow me to cash flow a little when expenses are said and done.I was just wondering on strategies to utilize the additional space in my unit(3/1) while i'm living there, and i was thinking about renting out the 2 additional rooms.

I plan on managing the property myself, i was just wondering if anyone can give some basic pointers on doing this. Also, can i just use the same MN standard lease format customized for the speculative roommates? What would i need to watch for compliance wise? Determining rents per room, would i just again use 3/1 market comps?

Thanks. I know its a wide scope question. Just wanted to see poster's opinions as i'm doing my research on it.

Most Popular Reply

User Stats

4,850
Posts
3,415
Votes
Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
3,415
Votes |
4,850
Posts
Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
Replied

@Bjorik Mutize in that area I wouldn't ask more than $500 with all bills paid.

business profile image
The Moorhead Team
5.0 stars
136 Reviews

Loading replies...