SFH purchase for investme
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SFH purchase for investme (by tonia [RI]) May 17, 2019 10:09 AM
       SFH purchase for investme (by Martin [CO]) May 17, 2019 10:41 AM
       SFH purchase for investme (by Robert J [CA]) May 17, 2019 10:59 AM
       SFH purchase for investme (by Libi [NY]) May 17, 2019 11:12 AM
       SFH purchase for investme (by tonia [RI]) May 17, 2019 11:29 AM
       SFH purchase for investme (by Deanna [TX]) May 17, 2019 11:40 AM
       SFH purchase for investme (by John... [MI]) May 17, 2019 11:49 AM
       SFH purchase for investme (by LindaJ [NY]) May 17, 2019 11:55 AM
       SFH purchase for investme (by JB [OR]) May 17, 2019 12:04 PM
       SFH purchase for investme (by J [FL]) May 17, 2019 1:07 PM
       SFH purchase for investme (by Dave [MO]) May 17, 2019 1:18 PM
       SFH purchase for investme (by Lynx [GA]) May 17, 2019 1:22 PM
       SFH purchase for investme (by S i d [MO]) May 17, 2019 2:27 PM
       SFH purchase for investme (by Mary [MI]) May 17, 2019 2:35 PM
       SFH purchase for investme (by Libi [NY]) May 17, 2019 3:00 PM
       SFH purchase for investme (by Jim In O C [CA]) May 17, 2019 4:44 PM
       SFH purchase for investme (by NE [PA]) May 17, 2019 5:02 PM
       SFH purchase for investme (by GKARL [PA]) May 17, 2019 5:37 PM
       SFH purchase for investme (by GKARL [PA]) May 17, 2019 5:40 PM
       SFH purchase for investme (by 6x6 [TN]) May 17, 2019 6:32 PM
       SFH purchase for investme (by Pmh [TX]) May 17, 2019 6:37 PM
       SFH purchase for investme (by Oregonwoodsmoke [ID]) May 18, 2019 10:16 AM
       SFH purchase for investme (by Vee [OH]) May 18, 2019 2:07 PM

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SFH purchase for investme (by tonia [RI]) Posted on: May 17, 2019 10:09 AM
Message:

Hello Fellow landlord and property owners:

I am considering purchasing a nice SFH with 5 bedrooms / 1 bath with a pool in the backyard. I am considering renting out the property by the rooms (3 of rooms will have private entrance). All rooms are good sized and no consmetic work is needed interior. Yard is fairly spacious (double lot). Pool is currently closed but has a new liner and is in-ground.

I would imagine would require more oversight / upkeep / routine maintenance. I would want to rent the room on a monthly basis for single occupancy each room.

Can any other landlord share some insight on this practice?

--70.168.x.xxx




SFH purchase for investme (by Martin [CO]) Posted on: May 17, 2019 10:41 AM
Message:

Do a search on GKARL[PA] posts. He also rents by the room, and has many posts discussing his successes and failures. Hopefully he will also see your post and respond.

The only other thing I can add is that just about every landlord here will tell you to never rent out a property with - or allow a tenant to install - a pool. Whether in-ground or above ground. It is a lawsuit waiting to happen. Your plan to rent by the room may work fine, but seal off that pool. Make it physically impossible to get into it. That may your whole plan, but it is the only way you can sleep at night.

Good luck.

Martin [CO]

--174.16.xxx.xx




SFH purchase for investme (by Robert J [CA]) Posted on: May 17, 2019 10:59 AM
Message:

For a rental you must have more than 1 bathroom if you wish to get good tenants. Only lower class renters would share 1 bathroom with 5 renters. --47.156.xx.xx




SFH purchase for investme (by Libi [NY]) Posted on: May 17, 2019 11:12 AM
Message:

Go online and check your building code requirements for the Occupancy Limit. In my village no more than 4 unrelated people can share a house. --174.203.x.xxx




SFH purchase for investme (by tonia [RI]) Posted on: May 17, 2019 11:29 AM
Message:

Hi Libi...good one...and yes this town is rather strict with occupancy limits. --70.168.x.xxx




SFH purchase for investme (by Deanna [TX]) Posted on: May 17, 2019 11:40 AM
Message:

Check your town's zoning ordinances. For example, in Fort Worth, where I used to live, up to 5 unrelated people could live in one sfh... but closer to the University, it was zoned so that a max of 3 unrelated people could live in one sfh.

What size water heater do you have? Unless it's an on-demand water heater system, I'd be a little nervous about five people all wanting a shower, and the hot water running out around person #3.

See if you have the ability to add in another bath or half-bath to take some of the pressure off the main bathroom.

Check your local ordinances for rooming houses or lodging houses. Then check your ordinances for boarding houses (which provides meals), just to see what you need to be aware of.

Check your parking. Can five vehicles park without annoying each other? Can five vehicles park without annoying the neighbors?

Who's your target? Are you looking for invalids? For the elderly? For students? For single women? For single men? For the indigent? How will the five of them be non-toxic to each other, and you'll have a good group of tenants who can coexist in a small (shared) space?

What's your pet policy?

Will it be furnished?

Check CL to see who's looking for rooms for rent, and what they're renting for, and what they're needing. How do you feel about them as prospects? What would you do to attract them-- or avoid them-- or attract a better tier of prospect? --96.46.xxx.xx




SFH purchase for investme (by John... [MI]) Posted on: May 17, 2019 11:49 AM
Message:

Yeah, I don't see a 5 BR, 1 Bath working well for how you want to use it. People renting rooms will not want a shared bath.

5BR/1BA are basically always filled with huge families that tend to rip the place part.

MAYBE as an AirBNB sort of thing if you are in an area where that would work. But that's about it from my point of view.

I wish you luck though!

- John...

--24.180.xxx.xxx




SFH purchase for investme (by LindaJ [NY]) Posted on: May 17, 2019 11:55 AM
Message:

1 bath will not be enough especially if you have unrelated people in the rooms. Renting to a family will probably not be easy either. 1 bath with that many bedrooms is tough.

NO NO NO pool. Too much liability, if your insurance even allows it on a rental and who will be taking care of it. --108.4.xxx.xx




SFH purchase for investme (by JB [OR]) Posted on: May 17, 2019 12:04 PM
Message:

5 bedrooms

1 bath

pool

------

= Sure disaster

ps. Is their even enough parking for multiple vehicles? It sounds like a fantastic way to piss off all the neighbors :( --24.20.xxx.xxx




SFH purchase for investme (by J [FL]) Posted on: May 17, 2019 1:07 PM
Message:

I'd look for a smaller, more typical property, with no pool. What happens if renting "by the room" doesn't work out and you're stuck with this white elephant of a house? --72.188.xxx.xxx




SFH purchase for investme (by Dave [MO]) Posted on: May 17, 2019 1:18 PM
Message:

5 bedroom 1 bath. No Bueno! Add another bathroom or as other have said, no good tenant pool. --108.243.xxx.xx




SFH purchase for investme (by Lynx [GA]) Posted on: May 17, 2019 1:22 PM
Message:

I'd have zero interest in such a property for all the reasons stated above? --99.122.xx.xxx




SFH purchase for investme (by S i d [MO]) Posted on: May 17, 2019 2:27 PM
Message:

Part of making money is seeing opportunity where others lack vision. I'd try to see if this house could be made more economically desirable.

In my town a 5-bed, 1-bath house would be an anomaly, so much so that it likely wouldn't sell for very much. People these days value their privacy and space more than ever. I'd expect it to sell at least 40% if not more below it's fair market value with a more balanced mixture of space.

Is it set up where you could get rid of the pool and transform one of the larger bedrooms into 1.5 baths? That would leave you with a 4-bed, 2 1/2 bath house, which is a very desirable home for a middle class family with a couple of kids! --173.20.xxx.xxx




SFH purchase for investme (by Mary [MI]) Posted on: May 17, 2019 2:35 PM
Message:

JB has the right answer. If you are a new landlord start with a small sfh. 900 to 1000 sq ft. You will deal with one couple not 5 people with various problems. NO POOL EVER. When this goes well for you buy another sfh and repeat. --68.32.xxx.xxx




SFH purchase for investme (by Libi [NY]) Posted on: May 17, 2019 3:00 PM
Message:

I am just thinking aloud...

Maybe this house can work as a daycare center...

One tenant, long term.

Bedrooms can be: play room, sleeping room, study room, room for live-in nanny. --174.203.x.xxx




SFH purchase for investme (by Jim In O C [CA]) Posted on: May 17, 2019 4:44 PM
Message:

If you donít add one or two more bathrooms youíll probably find your turn over is very frequent as your tenants discover living in a one bathroom residence is a pain. --80.187.xx.xxx




SFH purchase for investme (by NE [PA]) Posted on: May 17, 2019 5:02 PM
Message:

Run. --50.107.xxx.xx




SFH purchase for investme (by GKARL [PA]) Posted on: May 17, 2019 5:37 PM
Message:

The most I have sharing on bathroom is 4. I'm thinking of setting the place up to give everyone their own bath on one particular floor as that would definitely decrease turnover. I'd lose one room, but more rent and less turnover would offset the cost room.

As others have said, check your ordinances and consider adding baths. --172.58.xxx.xxx




SFH purchase for investme (by GKARL [PA]) Posted on: May 17, 2019 5:40 PM
Message:

Also, ditch the pool --172.58.xxx.x




SFH purchase for investme (by 6x6 [TN]) Posted on: May 17, 2019 6:32 PM
Message:

I agree with John, maybe an airbnb.

Having a pool would be a huge problem to me.

I also like Sids answer.

As others have said it needs more bathrooms. --73.120.xx.xxx




SFH purchase for investme (by Pmh [TX]) Posted on: May 17, 2019 6:37 PM
Message:

five bedrooms & one bathroom? I rent to students & I would pass on this one. --107.77.xxx.xxx




SFH purchase for investme (by Oregonwoodsmoke [ID]) Posted on: May 18, 2019 10:16 AM
Message:

If it can be purchased really cheaply, perhaps convert one of the bedrooms to an additional bathroom, preferably a master suite, clean it up, paint and new flooring and flip it.

It is not suitable for a rental. --98.146.xxx.xxx




SFH purchase for investme (by Vee [OH]) Posted on: May 18, 2019 2:07 PM
Message:

I would prefer the seller remove the pool, your insurance will make you do it for a rental or you will see a large bill to match the deadly risk - unless you are a lifeguard and will be in the room closest to the pool with motion sensors. --76.188.xxx.xx



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