I received a few questions and wanted to share them here.
Hi Mike, I just came across your site and I’m glad I did. I’m in the process of purchasing a 2 family house. The second apartment has 6 bedrooms (1 bathroom) and I’m considering renting out the rooms versus the whole apartment to one family. My area is a college town so I was thinking about student rentals – what do you think?
I think you could get more money if you rented out the individual rooms to students especially if the university offers summer classes where students will need a place to stay for those few months. You can also furnish some of the rooms and offer a higher rent price.
Also with student rentals, you’re less likely to have wild parties if they tend not to know each other prior to moving versus if you have a group of friends renting the whole apartment.
See what comparable rooms are listing for and set your prices accordingly.
Good luck and let me know how it goes.
Another question that I thought was unique and never really paid attention to was:
Do you send out receipts for rental payments? How do you keep track for your own records?
I don’t send out receipts for payments received. If you have one roommate or two roommates it’s not too difficult to keep track. I do keep track of the roommates I had in the past incase employers or other landlords want references.
LOOKING TO REPLACE MYSELF
I stated one of my goals was to replace myself with a roommate, thus have all three rooms rented out. This past week, I found two prospective roommates, who seem like good candidates on paper. Without divulging too much information about them, they both have jobs that can pay the rent and are in situations that make sense for them to move. I’m away on travel until Wednesday. So I can’t schedule any meet ups until the weekend.