All Forum Posts by: Jason Ross

Thanks so much  @Colleen F. and @Luciano A.These are all helpful and useful points. I've determined it's legal, the house is properly zoned and that 70%+ of the tenants are longer term with the balance currently seasonal/temp workers. Common area for food prep with hot plates not currently permitted by current owner. One of the residents receives reduced rent for keeping the place clean tidy (kitchens and bathrooms) and alerting property manager of anything needing to be addressed. Lingering (and sole) concern at this point is sustainable property management. There are not "professional" property managers in this city willing to manage this property. The person currently managing the property has the heart and skill set for the work but doesn't utilize all the normal business processes (monthly statements, etc.) that I'm accustomed to with my more tradition SFR properties. I'm getting comfortable with this, especially as we've continued to communicate and my comfort with her is growing.

Michael: Thanks so much for taking the time to reply. Your comments were affirming in terms of what seems to be an attractive investment but also my focus on talking to the property manager/operator with a set of questions inclusive of the points you raised. Thank you! 

I have an opportunity to acquire a "Rooming House" that, on paper, looks very strong.  I have a call scheduled with the property manager to learn more about the nature of the tenants, but was curious if anyone had experience, good or bad, with this type of investment and some 'pearls of wisdom' for what to look for, ask, or frankly run away from.  Thank you.