Anyone Know Where I can Get Info on Learning how to Rent a house By the room or floor? - Posted by Rocker Fella

Real Estate Investing
#1

Posted by Brian, WI on May 09, 2000 at 03:21:20:

What type of tenants do I seek? The best I can and sometimes that’s not good enough, just the nature of the business with these.

Do I have a manager on each property? Yep. Makes things easier, you may want to have them come up with what ever a weeks rental income is for a deposit(if you collect from the manager weekly-2 weeks worth if bi-weekly, etc.)to cover theft. It will happen-the cost of doing business.

I’ve found that if you set 1 day for rent colletion it’s A LOT EASIER! Rent was due on day of move-in, but I pro-rated to have it always due on Fridays from everyone…A LOT EASIER! and I chagre $5 per day late fee if it’s not.

Good Luck

#2

Anyone Know Where I can Get Info on Learning how to Rent a house By the room or floor? - Posted by Rocker Fella

Posted by Rocker Fella on May 07, 2000 at 23:10:27:

I used to know someone who owned 5 or 6 houses. Each house was rented by room. For instance each bedroom had a dead bolt lock and key. She rented each room by the week I think. She had strict rules in her contracts. She in fact lived in one of these houses she rented and the house was spotless which suprised me since I expected a property like this to be sort of junky, but she obviously knew how to screen the renters. Does anyone know how to go about begiining such a venture? Any books on this subject?

#3

Re: Anyone Know Where I can Get Info on Learning how to Rent a house By the room or floor? - Posted by Brian WI

Posted by Brian WI on May 08, 2000 at 04:26:27:

I own 3 rooming houses, which is what you would be turning the houses into. Zoning would probably be a problem since most areas don’t like rooming houses (the type of tenants they bring, etc.), but depending how a family is defined it still may be possible-ex. in my city a family is defined as being able to have 4 unrelated living together in one unit, so if you took a duplex with 2 bdrms up and down, divided the living room into 2 rooms, you could rent out each room having a shared kitchen and bath, or something to that effect. If you want to get into week to week rentals, you probably be better off just buying an existing rooming house.

If you go to ask.com and type in rooming houses, you should get something that comes up about a book to do what you are looking at doing. I bought it to see if there would be anything that would help with my rooming houses, and there was a little info for that, everything else I kind of knew.

Good Luck
Brian, WI

#4

Re: Anyone Know Where I can Get Info on Learning how to Rent a house By the room or floor? - Posted by Paul_NY

Posted by Paul_NY on May 08, 2000 at 12:57:34:

Brian,
I have a 3 family triplex, and would like to rent rooms since I can fit 12 people in comfortably. My question is, what type of tenants do you seek? Do you have a manager in each property? How do you collect the rents weekly when, at times, you cannot be there?

Thanks in advance
Paul_NY

#5

Re: Anyone Know Where I can Get Info on Learning how to Rent a house By the room or floor? - Posted by sb

Posted by sb on May 08, 2000 at 09:57:57:

Thanks