Rent By the Room

[Davey McLaughlin]

Hello BP, I've been looking to buy my first rental property (small multi) within the next three months and have been looking to house hack while renting by the room. I wanted to reach out and ask everyone for there experiences with this strategy. If theres any TO DO's or Not TO DO's i'd love to hear them. Also would love to know if theres a strategy to find tenents of similarity such as college students. Thanks!

[Miller McSwain]

Some rent-by-room managment tips we implemented that make things SO much easier:
1. Replace bedroom knobs and front door knob with electonic locks. This way we can easily set new pins for new tenants, don't have to call locksmiths, can create pins for handymen/cleaners, etc
2. Hire a house cleaner to clean shared spaces (we do this monthly). Although we have good tenants, some clean more than others. Having a cleaner just prevents some of potential issues from occuring between roommates.
3. Provide shared supplies. We supply anything that is shared (toilet paper for shared bathrooms, trash bags, dish soap, etc) so that tenants don't have to worry about whose turn it is to purchase supplies.