Who has experience doing room rentals? (Not in your primary res.)

[Lauren Ruppert]

I am purchasing a rental property about 1 mile from a university.  Rather than rent to a family...I was thinking of renting it out by the room.   Wondering who out there has done this....

[Lauren Ruppert]

Quote from @Jonathan Klemm:

Hey @Lauren Ruppert - Just curious, which university you are close to?

I am a little further West in Chicago, but I can tell you plenty of my friends have used the rent-by-the-room model and the cash flow is amazing.  It definitely does take more work just like a short-term rental is more work than a long term rental, but like any business, once the processes & systems are set up everything gets exponentially easier.  Bungalow is a rent-by-the-room website that might be helpful for reference: https://bungalow.com/

My sole advice is to pick a strategy and lean into it 100%.  Too often getting started I wasn't decisive enough.....all the strategies work just pick one and be a rockstar at it!

 We are near Alvernia University in PA.  Dorm rates are high, with no privacy...so I had an idea. The property is less than 1 mile from campus and it has four very large rooms and 2 baths.  We have a niece who rents a room for $700 a month and that place is a dump. So again, I had an idea.  We have 12 doors, but I'm really just a rookie. I come from California (Los Angeles to be exact), so when I saw the prices in PA, I just started gobbling up properties.  Honestly, you can't buy a closet in Los Angeles for what a house costs in some parts of Berks County.  So, I'm just tryin' to live the dream. 

Thank you for the Bungalow referral!!