Per Room Rental Property Management
Hello! A lot of people that have started their real estate investing career have done it through house hacking. Has anyone done it through house hacking with room rentals? If so, have you been able to find property manager to help with that property? I'm currently looking for someone that can manage my property when I move out of state.
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if theres a PM company in your area that is OK with or specialized in cheaper rentals in the range of how much it costs to rent a room, try to find that.
I started to house hack recently with renting rooms and wont be living in the house forever. When I move out I have a couple of strategies. A. Rent the house as a single family, which is often less returns but less management. B. Rent the rooms, and have one of the roomates manage that 1 property and give them a rent discount. They will be the point person to you, and they are responsible for enforcing the lease, and potentially finding new roomates and fixing the small things depending on how much you discount their rent. Structure the lease to have EVERYTHING in it including roommate duties like keeping things clean, doing dishes within xx time, payment, etc. Having the in-house property manager is incentivizing for that person to keep your property (their living space) in good order.