Anyone experienced with rent-by-room in New Jersey & New York?

[Zwee Dao]

Hi, I'm exploring the idea to buy single family home, rehab to add rooms, then rent by room. The areas are around New Jersey & New York City. Target tenants are probably young professionals who need to commute to Manhattan.

Would love to talk to any Realtor, PM or Investor experienced doing this in the above areas. Thanks a lot!

[Natalie Schanne]

@Zwee Dao - what would you like to know? It works just like you think it will. In some areas it’s better if you are living in the property because otherwise the towns can become unnecessarily upset with you if your neighbors complain for any reason. (New Jersey has a lot of crappy laws about getting new house inspections and certificates of occupancy “between tenants”).

I’ve found the best cashflow is on houses with 6+ bedrooms. The houses will not be listed as 6 bedrooms on mls, but in general if you have 1800+ square feet you can find 6 bedrooms in the house. 2100+ square feet often 7 bedrooms. Bedroom rental prices can be $1000+ per month.