Rooming Houses - Posted by JCP

Real Estate Investing Real Estate Gurus
1

Posted by Mike Oldfield on May 06, 1999 at 14:31:15:

Agreed!

Bad idea!

If you insist on following through anyway then you had better check with the zoning office before you spend one dime! They can come in and shut you down with no mercy.

Thought for consideration!

Why wouldnt you look for a single family for a rooming house and leave your three unit alone? I fail to see what benefit you would gain by tearing out perfectly good kitchens bathrooms and possibly split utility improvements.

Did you realize that a rooming house is abouit ten tiomes more management intensive than a three unit building.

Also, the neighbors will hate you for what you have done to their neighborhood and therefore call the Code Enforcement, Zoning official or the police every time they get an itch.

If you would like to discuss this further I am happy to share my experiences with you.

Either way, Please check with the zoning office and code enforcement BEFORE you spend any money. You may save yourself a bundle.

Good Luck,

Mike Oldfield

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Rooming Houses - Posted by JCP

Posted by JCP on May 04, 1999 at 21:42:01:

I am in the process of buying a 3 fam and converting it into a rooming house (9 rooms). Has anyone done this already? What do I need to do to verify that this is zoned for a rooming house? Also how has the management of this been?

Any help is appreciated.

Thanks in advance.

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Re: Rooming Houses - Posted by Joe Kaiser

Posted by Joe Kaiser on May 05, 1999 at 14:23:44:

I hate to be the bearer of bad news, but this is one of the really bad ideas that some seminar guru pushes as though it’s actually a valid investment strategy.

It ain’t.

Collecting rent weekly from down-and-out folks sharing bathrooms and kitchens (and who knows what else) is a formula for disaster. Absolutely everything is bad about this idea and if you just stop and think about it for 2 minutes, you’ll see a dozen reasons why it can only work in a hotel banquet suite with 300 people watching.

In the real world, you’re toast.

Joe