prison/con.net
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- May 25, 2015
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or less, and that's a BARE room in the cheapest areas, with no AC. In many areas, it will be $110 for a place that's full of roaches and mice, too. Plenty of tenants will pay another $30-$50 per week for having access to a washer, dryer, and microwaves, if the Tv's, net, computer, small fridge, locker, bed, covers, are being provided in the rooms. All house's rooms are big enough for 2 people to live in, (basically) and some can handle 4 guys, especially if they'll double bunk.
I've seen 3 bedroom, 2 bath houses with 16+ people living in them. The owners built on 4 big porches, 2 on each of 2 stories, and put 2 guys in each one!
They converted the dining room and living rooms into bedrooms. Added a bathroom in the "mud room" (or in a den) downstairs. Nothing says that you can't find a place with a garage, either. You might not be able to rent out the garage as living space (depends upon city regulations) but it can certainly be a place for a couple washers and dryers and for a bathroom. That frees up 2 rooms (ie, 4-6 more tenants) in the house.
$100 per week, per 20 tenants, is 100k per year, guys. Lots of big old houses can be had, in many areas, for well under 100k. But you don't want to make more than the minimum payment. you don't want equity in the place, in case you have to walk away from it. you'll need empty room insurance, liability insurance (out the arse) You'll need strict control of the AC and heat. You'll need to poke your head into each room and look around, at LEAST once a week (daily is preferable) You also need to have each tenant sign a "sober-living" contract. That lets you evict them "at will". You'll go thru a bunch of un-desirables before you find good tenants, but you WILL find them, at such prices. In fact, within a year, there will be a waiting list to get into your building(s).
I've seen 3 bedroom, 2 bath houses with 16+ people living in them. The owners built on 4 big porches, 2 on each of 2 stories, and put 2 guys in each one!
They converted the dining room and living rooms into bedrooms. Added a bathroom in the "mud room" (or in a den) downstairs. Nothing says that you can't find a place with a garage, either. You might not be able to rent out the garage as living space (depends upon city regulations) but it can certainly be a place for a couple washers and dryers and for a bathroom. That frees up 2 rooms (ie, 4-6 more tenants) in the house.$100 per week, per 20 tenants, is 100k per year, guys. Lots of big old houses can be had, in many areas, for well under 100k. But you don't want to make more than the minimum payment. you don't want equity in the place, in case you have to walk away from it. you'll need empty room insurance, liability insurance (out the arse) You'll need strict control of the AC and heat. You'll need to poke your head into each room and look around, at LEAST once a week (daily is preferable) You also need to have each tenant sign a "sober-living" contract. That lets you evict them "at will". You'll go thru a bunch of un-desirables before you find good tenants, but you WILL find them, at such prices. In fact, within a year, there will be a waiting list to get into your building(s).