A boarding house is a property operated to rent individual rooms to multiple long-term residents, typically with shared common facilities and sometimes including services such as meals or cleaning.
Log in to followPosting the variance because the shape of it surprised me and I've since seen it in two other operators' books. Acquisition: 610k on an eleven room licensed house in a mid-size ma…
I hit the ceiling on my active deals and started underwriting a 12 room house that the current owner runs with two meals a day and weekly room cleaning. His rents are roughly 190…
Fourteen months of looking, one purchase. Posting the numbers because the part I got right and the part that nearly killed it were both about the license, and I didn't expect eith…
Career changing into this and I've spent four months looking. Found a 9 room house, asking 310k, seller says all 9 rented at 540, so 4,860 a month, 58,320 gross. I pulled what I c…
Under contract at 288k on a nine bedroom house in an older neighborhood, currently rented whole to a single household at 2,650. Plan was to license it as a rooming house and run n…
There's a dead two-story motel on a state route, 12 units, each with its own three-quarter bath and no kitchen. Asking is low enough that I'd be in around $28k a door before any w…
First purchase, a five bedroom house in a working neighborhood, bought as a normal rental. The plan I talked myself into was renting bedrooms individually on separate leases, 525…
I spent six months researching, and my first real move was a conversion that never got permission to exist. The property: a 4,100 square foot 1920s house, six bedrooms, two baths,…
I've run a small service business around these houses for five years, and the sentence I hear most from owners at closing is that the license transfers with the property. Then a f…
Two years in on a 10 room licensed house I took over with residents already in place. The number I actually track is average tenancy measured at move-out, and it went from 7 month…
I've spent enough time in zoning files to know the difference between a use that's allowed and a use that's allowed after a hearing, and I'm now sitting between two boarding house…
I run services into three rooming houses and the owners all handle staffing differently, and after five years I still cannot tell which one is right. The live-in case: someone is…
I own a corner lot with an old four-square that's zoned for a rooming house by right, which is rare enough that I want to use it properly. Twelve hundred square feet of first floo…
Owner of a 14 room boarding house asked me to take over management from the guy who's been running it eleven years and is retiring in September. I've got the draft agreement on my…
Two houses in the same submarket right now. One is a 10 room licensed rooming house asking about 90k more than comparable single family stock, license current, inspection file cle…
I'm assembling a line-item budget before I make an offer on anything, and I want to pressure test it against people who've actually stood one of these up. Six rooms, existing sing…
Five years of doing turns and common area cleaning for a small operator with three licensed rooming houses. He's 71, wants out of two of them, and last week he asked whether I'd t…
I've sat through three planning commission meetings in two counties where someone proposed a rooming house or a conversion to rooms. Every applicant led with the affordability cas…
Under contract on a 12 bedroom licensed boarding house in an older inner ring suburb. Purchase 690k, seller carry of 480k at 7.25% interest only for 4 years, balloon. I've got 210…
Running six rooms under a city rooming house license. Individual room leases, month to month, shared kitchen and two baths, I provide weekly common area cleaning and linens on req…