All Forum Posts by: Thomasina Pearce

Thomasina, I have a MTR property I have in Cleveland, just across the border from Cleveland Heights. Depending on the exact location of your duplex, this could be an ideal opportunity to rent by the room, particularly given the area's demand from hospital systems and Case Western Reserve University students who are always on the lookout for housing. Sadly classes just started an our students just moved in. 

While finding a property manager might be a challenge, house hacking could be a viable option. With the right tools and a bit of hands-on management, you could effectively manage the property yourself and cater to this steady stream of potential tenants. I'm also getting into property management specifically in Cleveland, Cleveland Hts, and University Hts and am open to doing it 

If you’re interested or have any questions about how this could fit into your plans, please let me know. I’d be happy to discuss this further, just inbox me if you need help!

Best

Hey Thomasina, I'm very intrigued by the rent by room model.  I know a few investors who do this at Kent State University and are taking 8 room properties and getting $550 per unit.  I also seeing people selling boarding houses in Cleveland from time to time where they're renting out for $2500-$3000 so I think it's definitely a viable model, but like people are saying, you really need a strong property manager to make it all work.

Feel free to reach out to me if you want to talk more about management services for something like this.  I'm ramping up my management services over the next few months, but definitely intrigued about room to room rentals and how to maximize your returns.

I listened to a podcast about a guy who was doing this with sober living houses. He had his systems and house rules dialed in and was getting impressive yields, but this is a bit more of a hospitality play than LTR (same as STR is).

https://www.millionairemindcast.com/how-sober-living-houses-...

Heading downtown to try your luck at Jack's is a much better bet. You'll have some fun doing that.

Quote from @Thomasina Pearce:

Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms. 

1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?

2. Any property managers in Cleveland that would take on properties renting by the room?

3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.

Thanks in advance :)

 I have extensive experience in CH and all of Cleveland, HOWEVER I would never rent room by room. What can go wrong with a bunch of strangers living in a small space :) 

Sent you a PM with some contacts I have. 

I just sent you a PM for a roofer!

Quote from @Thomasina Pearce:

Hello BP Fam! Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS? I am purchasing a Duplex 5bd/2bth each side, and planned to house hack one side and rent out the rooms. 

1. I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights. ANY INSIGHT?

2. Any property managers in Cleveland that would take on properties renting by the room?

3. Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.

Thanks in advance :)

 Hey Thomasina. I think #2 is going to be the biggest issue here. It is very difficult to find a reliable manager for renting by the room here. You'll probably want to get enough doors via LTR first then build your in house team. I know investors in the area that have done that.