Rooming house ideas?

[cldemott]

We have a house very close to U of C/Brentwood LRT station, 4 bdrm, 2 bathroom, 3 level split with two living rooms, and laundry. We have rented it to 3 separate roommates, each with their own lease, but two are moving out June 30th. Because of the difficulty in us finding roommates for existing roommates, we have been considering renting it as a "rooming house" (or find a better name for it...) and renting each of 4 bedrooms, with utilities, cable, internet, phone, and monthly maid service included. Our idea is to offer clean unfurnished bedrooms, each with its own solid core door and lock, but furnish the common areas-kitchen & living rooms with simple clean appliances and post the rules of the home - clean up after yourself, replenish and restock common use items.
Has anyone had or has this type of property rental? and if so, what were your challenges and your successes?

Linda

 

[UTCVenturesLtd]

QUOTE (cldemott @ Apr 10 2008, 12:22 PM) We have a house very close to U of C/Brentwood LRT station, 4 bdrm, 2 bathroom, 3 level split with two living rooms, and laundry. We have rented it to 3 separate roommates, each with their own lease, but two are moving out June 30th. Because of the difficulty in us finding roommates for existing roommates, we have been considering renting it as a "rooming house" (or find a better name for it...) and renting each of 4 bedrooms, with utilities, cable, internet, phone, and monthly maid service included. Our idea is to offer clean unfurnished bedrooms, each with its own solid core door and lock, but furnish the common areas-kitchen & living rooms with simple clean appliances and post the rules of the home - clean up after yourself, replenish and restock common use items.
Has anyone had or has this type of property rental? and if so, what were your challenges and your successes?

Linda

Roommates are usually temporary renters since they cannot afford their own places. Since you are so close to the U of C, i would suggest posting up notices of what you have available. There are tons of bulletin boards around the campus! Students` rents may be backed by their sponsoring parents. Those foreign students are usually more study oriented and quieter if you can snag them.
I have a friend at work who got divorced and used roommates to pay the bills. He offered a laundry service and if any became a problem not paying the rent, he said to them that this deal is not working out and he didn`t want any trouble and offered to help them move even. He later went onto buying a second property to do the same. My investment partner has several roommates renting as well giving him a base income. Not all roommates work out, but that is part of the game too! Maybe let your existing roommate have some say in who they will be sharing the house with? See if they know of others needing a place.