Syracuse- 16 small bedroom, motel. Room-in housing. Best way to rent it all out?

[Jason George]

Hello,

We recently bought this 16 bedroom, 4 bathroom motel type room-in boarding house in a low income area in Syracuse. This motel has 16 private rooms, 4 shared bathrooms,  1 kitchen and living room. Currently there are 7 people living in it.  Tenants are paying their rent of $440/month, I want to rent the rest of the 9 renovated rooms for $600/month. I can't do section 8 housing, as they require a bathroom (a full unit) in each room. This is only shared bathrooms. I can't do college housing, as it's not close to colleges. I was thinking about immigrant/refugee housing, social work..etc. I would prefer some a group of nice tenants getting some sort of government support. I currently listed it on Facebook market place. Anyone in the Syracuse area, know of the best way to get good stable income from tenants for this type of housing? Any one know of any refugee housing, social workers in the Syracuse area? Any ideas or references are welcome.

[Stephen Schmitt]

I agree with Jaycee, but be cautious with other organizations having a "master lease" on your property. I have clients that have these kinds of arrangements, and while it is easier when an org fills your units, you can lose control of maintenance and cleanliness. While the lease will most likely include maintaining the units themselves, these organizations are not going to manage it anywhere close to what you could and should do. I would 100% get a great property manager to lease it out and keep the property's value as good as or better than when you purchased it.  

If you would like an excellent property manager to speak to, PM me. Good luck@