Why 4 Bedrooms for a Rooming House are Best

Here I wanted to talk about why you need 4+ bedrooms for a rooming house in order to actually cashflow while living in the house.
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[@tracy3066]

I make 2 rooms and a basement studio in the house work for me! (I don't live there) Bought the place for $270K. Put $105K cash down. Mortgage is $1,200 a month. I rent the 2 rooms for $1,000 a month each and the studio for $1,200 a month.

[@sethhochberg9463]

This makes a ton of sense! Something else, along the same lines, is that a 4BR SFH will rent for $300 more a month using section 8. So if you can buy a 3BR and squeeze in an extra bedroom it pays off there as well.

[@DevinMorenoInvesting]

It is good to always consider other Exit strategies and a Section 8 LTR is a good one. So in this case you are right that another bedroom would help in both cases

[@johnlowe5159]

In a situation where you have couples renting rooms in a 4 bdrm property, having only one bathroom/toilet puts people off. Therefore, you'll need to add the cost of this upgrade to the purchase cost.

[@DevinMorenoInvesting]

In my version of rooming houses we don't recommend renting to couples. However I do agree about have maximum bathrooms if the ARV on the BRRR supports it. Though I wouldn't add a $8k bathroom just to increase rents or appease couples unless the cash out refinance was giving the money back

[@epg423]

Bathroom should add major value, if I was the appraiser it would, I'm not an appraiser but I do know my local market pretty well and in any market bathrooms are huge. Some people might think it's all about square footage but really there's tons of factors that go into selling a house and things like porches, rooftop decks, pools, hot tubs, energy efficiency, windows, appliances, gazebos etc ceiling heights, views, quietness of the bedrooms, etc millions of things really affect value. Now a lot of these luxury things won't be good for long term rentals as budget rentals usually do better long term. But for short term rentals I believe it's if you spend more you still cash flow because people can afford luxury for a few days for a vacation. At least I think that's the case because it's definitely hard to long term rent luxury so you gotta do short term or something else

[@cheezy3520]

Hey Devin (love your channel man) - I’m looking to house hack a home that, after a 203k streamline, would be close to $400K. It’s 15 mins from the city and has 5 bedrooms, so I’m not worried about the mortgage as I’d be following the rooming house format. But that point you had regarding qualifying for the second home got me a bit worried. Could you explain a bit more about it and how I would solve that when the time comes? Thanks!

[@pinkorganichorse]

I have 6bd 3ba. I plant to get 4 tenants and charge each the same thing. There are 2 masters with walk in showers and large private baths within room. The other 2 tenants each get 2 bedrooms and a shared bath. There are 2 living rooms and a huge dining room. Is this reasonable?

[@NyasiaC]

Only 4 bedrooms or more for me!

[@antoniobrownjr.9204]

Great video

[@danzarlengo7127]

I don't understand why there would be any issue renting out 5 bedrooms. Find one person who will rent 2 rooms. Many people are desperate to have a home office, or a single parent with one or more older children, etc.

[@epg423]

Idk if video addresses this but I'd assume you want one room per person. Maybe 500 bucks. No one would pay 1000 for 2 rooms they'd rather get a studio for that price. So I think it has to be one room per person usually. Maybe rare exceptions but typically they would go studio before getting 2 rooms in a house unless the house is special perhaps like the house I designed ya it's infinitely better than a studio and and better than any multifamily and almost as good as single family, but that's because the design is literally one of a kind( I've never once seen) but I can't share those secrets lol but it's really quite simple

[@discodancer6937]

Any tips or sites for advertising rooms. 10 days ago i put my 4/2 rooming house up for rent. The master with private bathroom went after 2 days but i can’t get anybody else to come see the other bedrooms with a shared bathroom, even they are reasonably priced. Any help would be appreciated.

[@epg423]

Change house layout, maybe sacrifice a bedroom for a third bathroom and another closet. There's more you could do but I cannot reveal lol but I'm trying to create a video to explain soon

[@tracy3066]

@@epg423 I want to see your video! Please tell us your tricks!

[@Emanuelethio]

how do you comply with city zoning while renting by the room on a single family home?

[@dsylla5064]

Does this spreadsheet come with a user guide ?

[@bebiswhale4306]

Ok I want to rent a Baltimore property by the room am I allowed to do this in a R-6 zoned single family attached townhouse? The houses im looking at are withing Baltimore CITY not Baltimore COUNTY I need clarity on this so badly. Do I register the house as a regular rental then rent to 4 separate tenants? Do I need a rooming house permit? If I get that permit can I rent to more than 4 people? Isn’t Baltimore city only allowed to have a maximum of 4 unrelated people living in one house?

[@patrickguido1884]

what if there aren't alot of studio apartments in your area and only 1 bedrooms? how would you figure your price per room to charge tenants?

[@DevinMorenoInvesting]

If studios are not common the. 1 bedroom apartments become the next comparison. This is good for you since you can raise prices to just about $200 under apartments (assuming all utilities and internet included)

[@lukegsfieldreview5039]

Do you have a copy of that spread sheet? If so would it be possible to get a copy ?

[@DevinMorenoInvesting]

Yes actually the spreadsheet is on my website: devinmorenoinvesting.com

[@lukegsfieldreview5039]

@@DevinMorenoInvesting thank you

[@LessonsLearnedNoGuarantees]

Hello, how can I get a copy of the spreadsheet?

[@DevinMorenoInvesting]

I'm making a website to distribute it. It should be ready by the end of the month.

[@LessonsLearnedNoGuarantees]

@@DevinMorenoInvesting thanks.

[@royroby636]

How I can get that excell chart?

[@DevinMorenoInvesting]

I have it on my website: devinmorenoinvesting.com

[@dferdinand8998]

Whose really rent a bedroom for $800 lol Especially in Baltimore

[@DevinMorenoInvesting]

Very common in Class B neighborhoods. Remember that my primary demographic is people aged 25 to 40 who make about 60k a year. So this price range is very affordable to them

[@justcallmebon2684]

@@DevinMorenoInvesting yeah I know someone renting a 3BR for $2900 and it’s not particularly fancy

[@tracy3066]

@@DevinMorenoInvesting Why do you stick to renting to young people? I find I do best with renting to older people.

[@Emily-sg8co]

Can you rent rooms to section 8????

[@DevinMorenoInvesting]

You actually can. There are voucher programs that accept rooms