All Forum Posts by: Lia Martinez

@Diego Furlan

If you are comfortable living with other people, you might also look into coliving. This can be done by purchasing a 3bd+, 2 or 3 bath home and renting out the other bedrooms to supplement your rent. I've done this in many homes now in the Denver area, buying homes with more bedrooms each time. I like my housemates and we often have a lot of fun together besides getting to live in the city center.

I spoke with @Matthew Ryan about this earlier today. He has had success doing similar projects to what you describe in the Oakland and Berkeley area of San Francisco.

Hi Justin, you're right,  the use of Craigslist has decreased dramatically in the past couple years mainly because of the increase in scamers. I now use mostly Roomster ($10/week) or Roomie aps. I wish a free one existed.  Tried Facebook marketplace and was weirded out by the responses.  

It likely already exists in Phoenix, you just maybe have to do a little research. I would check on the zoning and group housing laws before making any moves. That is a big issue here in Denver and in many other cities, but everywhere is unique. 

On the management side, it's a good idea to start making friends with other people locally who work in community housing. As the density increases, more problems arise and adults turn into giant babies pointing fingers at the other ones. Chores, code of conduct, locks on doors, allotted kitchen and fridge space, common area rules, guest rules, etc all become very important. Higher expense on management, but higher returns. Millennials, who coliving appeals to,  like to live in city centers. But the recent retiree demographic for coliving is willing to live a little farther out (if shopping amenities are still walkable) and the the price point is lower. Building community with dinners, parties, and group outings also becomes vital.

Yes, that sounds like a realistic budget depending on what type of property you're starting with.  I've been able to create coliving spaces for 6-8 bedrooms in the Denver area for around $100k or less. 

Do you have any experience managing a coliving property? And if not,  do you already have a prop mgmt company in mind (i.e. Common, Outpost, Xcommunities, etc.)? How will the zoning work in Phoenix taking a commercial property and turning it into a coliving residence? 

@Justin R. I'm not sure what podcast that was. However, I do own multiple coliving homes in Denver and love sharing my coliving experiences with other investors. Please feel free to give me a call if you want to know more or meet up for a beer/coffee. 

I second Drew about the Badass meetup in RiNo.

I have 3 homes rented by the room, 2 in Denver and one in Aurora near the Stanely Marketplace that I've been running for about 4 years.  Yes, it is more management, but also well worth the increased per sq ft income and the social good of impact investing by creating community, affordable housing, and an environmentally friendly real estate solution. If you don't want to manage it yourself, companies like PadSplit are now coming onto the scene. 

In Aurora, the demographic for this type of renter is generally older single men (40's to 60's). It's a little too far away from the city to be of interest to millennials.  You might be able to target the medical student crowd/traveling nurses depending on your location. 

I recommend having a set of house rules that residents sign when moving in. Common areas are furnished, personal locks on every bedroom, key padded front door, clearly labeled kitchen cabinets and fridge shelf for each resident, etc. Chore chart is helpful. Double kitchens and double washer/dryer is a big bonus.  

I could go on and on. I love talking about these types of investment properties. Please give me a call if you would like to talk in more detail. 

I had a situation with bed bugs about a year and  half ago in a duplex of mine in Aurora. The resident complained about bed bugs biting her year old baby about 8 months after moving in. After speaking with many bed bug companies, they said she must have brought the bed bugs in (not crawled across the yard from the neighbors house, as she tried to claim).

I paid just over $300 to have a remediation done. The issue is that the resident also has to follow certain onerous and strict procedures regarding all of their 'stuff' and furniture/bedding in order to rid of them. She didn't follow the procedure and when they came back, she complained and said I had to do another round of treatment (another $300). I balked and said it was her fault, she should cover the additional costs. She tried to get a lawyer involved. My lawyers recommended just trying to appease her instead of going through court. Luckily the second remediation worked. 

Long story short, I now include a long section of my leases about bed bugs. The resident has to sign and certify that there are no bed bugs when they move in. Then it goes on to say that they will be responsible for all bed bug costs and remediation if bed bugs are found after they move in. This section is about half a page long in the lease. 

@Bryan Nykerk I love talking about Coliving and House Hacking. Please feel free to reach out anytime.