Hello BP Community,
My wife and I are getting ready to start our real estate investing journey in the general Phoneix area and wanted to reach out and see if you could help answer our questions. We are wanting to buy a multiunit and do the rent by the room strategy. Our thoughts were to buy a multiunit (preferably 4plex) with at least 2 beds and 1 bath or more in each unit. We were thinking of furnishing the living room and kitchen and each tenant would furnish their own room.
1. We want to provide internet and a streaming service like Hulu Live for all tenants. Any suggestions on how to go about doing that with internet for multiple units and having multiple tenants using the same streaming service?
2. In regards to utilities we are not sure if each unit will be separately metered or not. Would you recommend creating one flat fee for all utilities and rent, one fee for just rent, gas, water, and have electricity separate? What would be the best way to go about that?
3. What are important things to have in a furnished living room and kitchen for those who have done the rent by the room strategy?
4. Are there any other services or amenities that we can provide to tenants in a rent by the room strategy that you have found are really helpful in providing a great experience for the tenant and at the same time don't break the bank?
We appreciate you all and are excited to start this adventure!
