- Joined
- Mar 17, 2011
- Messages
- 133
I recently had a vacancy in my upper suite and discovered that there is huge demand for room rentals in the neighbourhood that I invest in thanks to jobs in the area. I've never given this method much consideration until now, it didn't really appeal to me because it sounded like a hassle to manage, but it is time to change my habits, to change my results My wife isn't working now so she has more time to manage it so it is time to take action.
Just wondering if there is anyone out there doing this already that has a crash course available for room rentals. Any tips/tricks would be greatly appreciated.
I know how to calculate gross annual rent/purchase price to see if a property lands in the cash flow zone, but I'm wondering how much higher the percent needs to be in order to make it worth doing room rentals. There will be extra cost involved to furnish and provide cleaning services etc. Then of course there will likely be slightly higher vacancies than normal.
Anyway, thanks in advance for help provided!
Just wondering if there is anyone out there doing this already that has a crash course available for room rentals. Any tips/tricks would be greatly appreciated.
I know how to calculate gross annual rent/purchase price to see if a property lands in the cash flow zone, but I'm wondering how much higher the percent needs to be in order to make it worth doing room rentals. There will be extra cost involved to furnish and provide cleaning services etc. Then of course there will likely be slightly higher vacancies than normal.
Anyway, thanks in advance for help provided!