Last Room Rented!
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Last Room Rented! (by GKARL [PA]) Oct 5, 2018 9:08 AM
       Last Room Rented! (by Barb [MO]) Oct 5, 2018 9:29 AM
       Last Room Rented! (by Pat [WA]) Oct 5, 2018 10:16 AM
       Last Room Rented! (by S i d [MO]) Oct 5, 2018 10:24 AM
       Last Room Rented! (by Deanna [TX]) Oct 5, 2018 10:35 AM
       Last Room Rented! (by Ken [NY]) Oct 5, 2018 12:17 PM
       Last Room Rented! (by GKARL [PA]) Oct 5, 2018 12:22 PM
       Last Room Rented! (by GKARL [PA]) Oct 5, 2018 12:27 PM
       Last Room Rented! (by J [FL]) Oct 5, 2018 6:46 PM
       Last Room Rented! (by Robin [WI]) Oct 5, 2018 6:46 PM
       Last Room Rented! (by GKARL [PA]) Oct 6, 2018 6:13 AM


Last Room Rented! (by GKARL [PA]) Posted on: Oct 5, 2018 9:08 AM
Message:

I had a spate of vacancies over the past couple of weeks. My best room was vacant for nearly a month and I had two other folks move out over the past couple of weeks, so I thought I'd have 3 vacancies, but then all of the sudden I got calls and filled them. Demand in this area is high for rooms and people look for them specifically. The mix now is two retirees, two guys who work at Amazon, a young kid who works in a warehouse, a young single girl and two mothers and daughters. Everyone seems to be getting along except the two retirees. You would think that age chills folks out--not so, but I'll devote a separate post to those two. One of them is going to have to go.

I started charging extra for room sharing by bumping room rates 25% for more than one. If they don't have the full deposit, I also bump rates 25%. I'm also no longer allowing them to bring in furniture.

--209.122.xx.xxx




Last Room Rented! (by Barb [MO]) Posted on: Oct 5, 2018 9:29 AM
Message:

Your adventure with this is always interesting!

I've got an old house on a corner lot, 3 & 1.5, that is zoned R3. While the lot isn't actually large enough for a duplex or larger to go on it, the fact that it is zoned R3 means I CAN put a home up to 8 bedrooms and 4 stories on it, and rent by the room. Not ready to tear down the old one yet, but I'm seriously considering it in the near future. Just trying to figure out parking.

How many of your residents have cars? What do you do about parking? --131.151.xx.xx




Last Room Rented! (by Pat [WA]) Posted on: Oct 5, 2018 10:16 AM
Message:

GKARL. Always interested in your report about the boarding house!!! --73.109.xx.x




Last Room Rented! (by S i d [MO]) Posted on: Oct 5, 2018 10:24 AM
Message:

Congrats on getting filled! I'm impressed at your success in a market where few dare to thread. Maybe some day I will give it a whirl, inspired by you and DJ. --173.20.xxx.xxx




Last Room Rented! (by Deanna [TX]) Posted on: Oct 5, 2018 10:35 AM
Message:

Yay you!

So, for your turnover-- what's the usual impetus behind their departure? Is it them becoming more affluent, and moving up in the world? Or is it more frequently you telling them, "Hasta la vista?" --96.46.xxx.xx




Last Room Rented! (by Ken [NY]) Posted on: Oct 5, 2018 12:17 PM
Message:

As the rooming house turns,i like the reports,keep them coming --72.231.xxx.xxx




Last Room Rented! (by GKARL [PA]) Posted on: Oct 5, 2018 12:22 PM
Message:

I've only had to put out three people. One person moved to be with their family down south. Another moved due to having a baby. One person moved in with their boyfriend who was also a former resident. Others just moved without warning. I suspect they didn't have the rent money and wanted to avoid eviction. The shortest tenure was a month. I currently have 3 folks who've been there over a year. I'm guessing the average stay is 6-8 months.

Strangely, the city has no requirements for parking. My place is in a densely populated area where parking is an issue as well. Only 3 of the tenants have cars. All of the others work locally and either walk or bus it to work.

There's a mixture of people who look for this type of housing from young to old. I had an older guy try to apply today who had 2400 of SSI who wanted specifically to be in a rooming house for older disabled people. He can't afford market rent. The same applies to the younger folks. One of the guys has a heavy child support obligation taking a chunk of his paycheck and can only afford a room. There's a bunch of people who need this sort of housing and I fill these way easier than I do apartments. Usually, these folks are housing insecure and have a sort of desperation, but it's not the same as those desperate folks seeking apartments. Most are grateful for housing while many of the same desperadoes looking for apartments are trying to get over IMO. Of course, what's keeps them honest is immediate eviction. However, I say and say again that many of these folks are "normal" people displaced by circumstances or simply victims of a declining economy or their choices.

Pre-screening by text was very effective in filling this last batch of vacancies. I had their criminal and job verification done before showing. I still run nation wide criminal on some of them, but PA Courts was good enough in a number of instances. Actually, PA Courts was better in one instance as I pulled an active case on one applicant that didn't show on the nationwide check. --209.122.xx.xxx




Last Room Rented! (by GKARL [PA]) Posted on: Oct 5, 2018 12:27 PM
Message:

The worst thing about the rooming house is the electric bill. The place is all electric and I'm looking at an annual cost of $ 7000 plus for electric. I'm looking at putting on gas on at least one floor and maybe two. The electric bill for the 2nd and 3rd floors isn't as bad since heat rises. I may be able to get by with doing only on the 1st floor and crank it up a bit while turning down the thermostats on the upper floors. Probably could get by with setting them a 65-68 degrees on the upper floors and set it at 72 on the first. --209.122.xx.xxx




Last Room Rented! (by J [FL]) Posted on: Oct 5, 2018 6:46 PM
Message:

WTG GKarl! --72.188.xxx.xxx




Last Room Rented! (by Robin [WI]) Posted on: Oct 5, 2018 6:46 PM
Message:

I think you've identified a great market niche. When are you going to expand into property #2? --204.210.xxx.xxx




Last Room Rented! (by GKARL [PA]) Posted on: Oct 6, 2018 6:13 AM
Message:

There was another small rooming house that went up for sale near my fourplex, but I was already committed to the purchase of my current project (a seven unit conversion). I'd love to own another small rooming house (i.e. 8-10 rooms) as I think they're easier to deal with than a large place (i.e. 20 rooms +) --209.122.xx.xxx





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