All Forum Posts by: Waylon Bruce Moore

Rent by room has been amazing for us! Our 5 bedroom home would likley rent for ~$2k as a traditional long term rental, but we get $3750/month by renting by the room!

In our case, we are in a market with lots of young professionals and military (engineers, accountants, service members). They have mostly been young guys (in their 20's) looking to save money.

To determine what to list at, we checked the listing sites we used and looked for similar offerings (Roomies.com, Facebook Marketplace, Roomster.com, etc). We ended up setting our first room a bit higher than we expected, then just lowered the rent every week until we started getting a lot of bites. Now we know the right rate ($750/month in our city)!

Quote from @Waylon Bruce Moore:

We have a five-bedroom house that will be a co-living space with room rentals. We are looking to install keypad door locks / levers or knobs (not deadbolts) where the access passcodes can automatically be changed when new tenants come. What would you recommend for the wifi door locks and the software to run them?

Hey man! I highly recommend the Schlag Encode. It runs about $350 but has a pretty awesome app that gives notifications on if the door is open/closed, you can open/close remotely with a button push, and you can create up to like 100 custom pin codes and change how long certain codes are good for etc. The install was very easy, it is a bit pricey but other than that I love everything about it. The only other thing, it takes 3-4 AA batteries I believe (I forget lol). Not sure how long the batteries usually last but I’m thinking of keeping a secret lockbox hidden somewhere outside with a physical key to that lock in the case that the batteries die and I am offsite etc. I like it man!

Thank you Nathan. 

Just to clarify for others, we are no longer considered a startup as we have:
1. Over 150 employees

2. Hundreds of thousands of units being managed in over 100 countries worldwide

3. Billions of dollars in rent payments processed through DoorLoop yearly

4. Hundreds of 5 star reviews online

5. Raised over $30M to continue building the best and easiest to use property management software

While we've grown very fast, we still intend to offer the same level of support and service, for example:

1. Super fast releases of new features and updates monthly

2. Listening closely to our customers for feedback with many co-founders (like myself) connecting directly with customers to hear how we can improve

3. Still offering very affordable prices considering the feature set

4. Answering majority of questions and support tickets in under 5 minutes (3 minutes and 47 seconds last month for example) with a 95.6% satisfaction rating in September

Hope this clarifies things for those reading. Feel free to DM me anytime here for any questions. Thank you everyone for all the love and support!

@Erwin Groenendijk - Thanks! Our portfolio is currently comprised of 4br fully furnished single-family homes.