NJ Rooming House/Boarding House Owners/Investors

[Vincent Paventa]

Hi BP - I'm a North Jersey investor and am looking to connect and network with a specific niche: owners and investors in licensed Rooming Houses or Boarding Houses in NJ. I'm currently under contract on a rooming house property in Bergen County. 

Thank you!

[Greg L.]

I own a small (9 room) rooming house in northeast PA.  I've owned it for 6 years and am happy with the investment.  Rooming houses operate differently here where you don't have to go to court to evict.  I'm not sure if that applies to NJ.  I own regular apartments as well and I've found that I don't spend any more time managing the rooming house than I do with regular apartments.  The key is tenant screening.  With rents being up, folks are priced out and demand for rooms is high.  My tenants all have jobs and I don't deal with druggies and etc.  The folks I have in the rooming house would be in apartments if they could afford it.  But coming up with a couple of months security plus the rent is a steep climb for many people.  To move into my place, they pay a non refundable move in fee of $ 250 plus the first week's rent.  Weekly rent averages about $ 175 per week and I provide internet, utilities and a coin-op laundry.  I have a cleaning crew in to clean the common areas every other week.  I collect my rent via cash app.  I think demand for rooms will remain high as inflation impacts people.  I get very little turnover and when I do, turning a room is far quicker than an apartment.