Boarding house idea from Rachel Richards on the BP podcast?

[Steve Arnold]

I heard a BP podcast recently with Rachel Richards as the guest. She mentioned that she had bought a house and converted it into a boarding house type arrangement. She rented the bedrooms, and tenants had access to the common areas. She said the cashflow was really strong using this approach.

Anyone here try that? Is it as simple as just buying a 3BR house, and renting to 3 separate tenants? Are there laws limiting this?

Interested in your thoughts.

-Steve

Steve Arnold

Edit s

[Will Fraser]

Hi @Steve Arnold, yes and yes.  I don't do this personally but I have a few clients who do and there are MANY laws and nuances around this.  From city to city you'll find distinctions on how many people can live in a place, how many unrelated vs related people, number of cars, number of people per bedroom, etc.  Even within a city there can be distinctions based on zoning.

All this to say: it is a need and in certain settings it should go like gangbusters, but I'll emphasize the diligence in doing your due diligence on the purchase.