share your ideas to increase rental value in a single family home

[Ron Singh]

if there is no positive cashflow expected by renting single family home here in bay area, (as property tax, mortgage and competition etc too high )

what can be done to increase rental value of the home without increasing square feet?

- put new flooring (engineered wood ) ?

- upgrade appliances ?

- add sun room ?

- landscaping ?

- allow pets (with deposit)?

-antyhing else ?

what do you think ? please add

also, how do you manage income tax from rental income ?

[Steve Vaughan]

Originally posted by @Account Closed:

Originally posted by @Steve Vaughan:

Originally posted by @Account Closed:

Podshare.

Hiya Minh. Great to see you!

What the heck is podshare?  Thanks! 

Here's an article for you Steve.

https://sf.curbed.com/2019/7/1...

I happen to know a young guy who does this for a living. He moved to the Bay Area from NY. He rented SFH in high end neighborhoods (Palo Alto) with high walk score and rented them out per bed. He was renting 4-5 bedroom homes between $7-9k/mo and re-rented them per bed with the landlord's approval. The going rate was $35-$50/night. He had 4 beds (2 bunkbeds) per room with three bunkbeds in the master bedroom. For the office or den, he put a big bed in there and charged $80-$95/night. He was grossing between $18k-$25k/mo/house. His average vacancy was 15%.

At each home, he had like 8-10 bikes for the tenants to use. Whatever objection my partner and I came up with, he had it resolved. At each home, he had a person lived there rent-free/discounted rate to manage the place. A cleaner comes in once a week to clean the place. These places were clean and neat when we toured them. Unfortunately, he made a mistake when he rented a house in a prestigious neighborhood, and the neighbors complained to the City Council. The city changed their law, and his biz got toasted. He moved his operation to San Francisco. So when this pod share aka co-living idea came out, it reminded me of him.

Here's the kicker. When every bed was booked, he slept in the garage. When not, he would sleep in the office's bed, and that was heaven. He met a girl, took her back to "his place" and just happened that all the beds were booked so they stayed in the garage. She wasn't impressed so the first date was also a last date. He spent his days at Phil's coffee shop answering inquiries. 

He moved out here and bought a brand new 2015 Tesla Model S in less than a year. He gave me a ride in it. Now, I ride in my Model S everyday, and my car is even more powerful than his. Argh, argh, argh (imitating Tim The Tool Man Taylor). What's not to love about the Silicon Valley? It's the land of opportunity where opportunity is only limited by our own thoughts. I hope the OP gets something out of this post.

Cheers!

Awesome story and idea, Minh.  This guy sounds like a character I'd like to meet.

I'd have 2 suggestions for him if he were to ask me.  1) Don't take a first date back your podshare/place if you like her.  2) Although a new Tesla is an awesome choice of vehicle, I wouldn't buy a new car starting out.  But he didn't ask me anyway ☺