CO Living MTR

[Jason Tucker]

I have a 16 unit apartment complex. All are 3BR 3BA. I am thinking of changing the interior doors to smart locks and renting each room out. I will start with one building at a time.

I am wondering if anyone has experience with this. My city does allow month to month rental. I have software that will allow me to send out and reset doorcodes so i dont forsee that as an issue

[Jason Tucker]

Quote from @Michael Dumler:

@Jason Tucker, I'm familiar with co-living single-family homes but not an apartment complex per unit. What do the numbers look like if you were to rent the units out traditionally vs. per bedroom? With this strategy, who would be responsible for utilities? Does each room have its own private bathroom or is there a shared hall bathroom? This could be a great cash-flowing asset but you're also assuming a lot more risk with this structure. I would recommend working with an experienced co-living company such as PadSplit or HomeRoom. I have contacts with each company that I would be more than happy to connect you with. If you are interested, please shoot me an email or text to connect (contact info is listed in my bio). Just curious, where specifically is your apartment complex located? 

 This is s good observation. I am looking to do new construction. In this area a 3/3 would rent for 1900-2100 a month. If i move it to co living i can get close to $4000(1 room rented at 1280 per month 3 rooms per unit). i would be responsible for utlities. The build cost would be a little higher because i would use foam in the exterior walls and also use insulation in the interior walls for energy saving and sound dampining. Other additional expenses include smart locks for all rooms once a week house keeping and furniture.