Years ago I lived in a mobile home (on land) and discovered that it was easy to rent rooms out in it. I netted over $8,000 per year while living in my little efficiency in the back of the home. I included all utilities in the rent, and collected weekly, or however they recieved their paychecks, just to keep it simple.
I am wondering if any of you have tried this with single family homes that have three bedrooms or more, instead of just renting the house out. I never had problems with zoning or other issues, but then mobile homes are pretty much ignored by all.
College towns are the obvious place to do this. So who’s tried this, and with what results/problems/profits?
I have tried this in a college town. Don’t know how its going to work out in a larger city, (but with lots of colleges/universities), will soon find out.
I have rented out rooms in MH’s and SFH’s as well. It seems to go well if you are in the right area, and/or you market the rooms to the right type iof clientele, ie college students.
one of my friends tried it.
he bought a 4 bdroom house to live in. first he rented 1 room, then another, and then the 3 rd one. finally he moved out and rented the
4th bedroom too. covered his mortgage on a 15 yr fixed!
he moved back in with his old roommate.
Works pretty good where rents are pretty high. Especially in SoCal. There are always at least 75-100 ads in the paper for rooms for rent. Colleges EVERYWHERE there though.
I have a 4br house and am currently renting out two of the rooms for $350 each. I am waiting on one other tenant to come aboard, but this is the first time I’ve tried it and I like it better than just renting it out to a family.
I liked it better because I lived in the place, and it is almost no extra work (You have to fix your own broken faucet anyhow, right?). I’m not as sure about renting by the room if it is any distance from where I live, but it sure seems like it has potential from my experience.
I to have rentals in college towns and rent by the room I do it a little different I pick out someone that is going to have to work thru college I then let them be in charge of collecting rent in exchange for discounted housing The other thing that really helps me there is I have a big biker buddy that owns a tatoo shop that also helps! He is a co-owner of the building I am a co-owner of the tatoo shop… Kinda strange huh?