Rent by the Room?? Success? Fail??

[Cody Gagnon]

Does anyone have experience renting by the room in Chattanooga? Not sure if anyone has had success doing this with big SFR in this area, but i've heard of people having massive success doing this in other markets. If yourself or anyone you know is/has done this let me know! curious of there is clientele for this.

[Kyle Mccaw]

@Cody Gagnon I believe there is a strong demand for this in most markets. I have experience in rent-the-room model. It can work. And make good money. Things to think about. 

1- How do you select tenants without opening up to potential liability? What if you let in a tenant that ends up doing something crazy to another tenant...

2- Plan on a weekly pay model. If they don't pay...how will you evict them. Some markets are harder than others. 

3- Cleaning. Plan on cleaning common areas.

4- Lock into electronic locks. You can easily change codes between tenants. We use Rently.

5-Expect to be a baby sitter. No matter what you say, tenants will keep coming to you to complain about other tenants. He took my pizza from the frig. He didn't clean up the bathroom. He gives me dirty looks.

6-Lease. Have a detailed lease with expectations clearly identified.