Posted by Doug on December 17, 1998 at 21:23:24:
I have a piece of a 28 room rooming house with a bar and banquet hall downstairs… It is a great Investment as you are covered under the motel law and need not go threw a formal eviction to remove people who dont pay… I run adds that read rooms for rent and have never had a problem keeping the place filled…The liability Insurance is extremely high though… I love the fact that if they dont have the money i cut there lock and remove there possessions then when they pay me I charge them for a new lock…hehe…
The type of tenants that you will be getting calls from will be all kinds the thing to do is try and get people who work and dont want to pay for a whole apartment so they rent just a room… I have the kitchen downstairs in the bar and sell breakfast , lunch, and dinner to them…It has become a large group home in a way because most of the renters have been there for 6 months or more they tend to be like one big family…
Another good thing is rent is paid weekly…
Doug