Rooming House (Management System)

[Tre Beals]

I have a property in a great location 3 Colleges, & new buildings/constructions being built! purchased it under 60K fully renovated 

3B 1B row house. I came across the rooming house method for cash flow!! renting rooms with all utilities included. Everything on the Internet about rooming houses has painted this method to be so negative. though I understand the type of tenants it attracts. there's Nothing but negativity about rooming houses when doing my research. however because of the lack of information out there MANY PEOPLE, MANY LANDLORDS ARE STILL using this method cash flowing a nice penny every month/annually. 

what better place to ask for some feedback on this niche.!!

help me out Bp family... I understand the level of risk, and high management, and tenants you attract doing this, but please give me some insight!! is there anyone in here that has successfully operated a cash flowing rooming house? and if so can you give some management knowledge, and drop some wisdom on how to be successful with this method of land lording. 

thank you in advance! 

[Ralph Poirier]

I'm with you Tre!  I do the same thing.  Here's my approach:

1) Get parent guarantee

2) Smaller security deposit because of parent

3) I don't include utilities (paid by renters) but I do have them in my name.  They reimburse me.

4) I pay to have the common areas cleaned.  The cleaning woman sends me pictures on the condition.  Helps me keep an eye on the property.  This is an expensive way to protect my house but I need the peace of mind.

Good luck!