Awesome design! This gives me motivation to go bigger on our next rooming house. We currently have two SFH that we rent by room. They’re are roughly 2100sqft with 5 bdrms and the flow is amazing. Ours are in suburban neighborhoods but I’d love to try this out in an urban area. Keep up the good work!!
Wow that’s a cool looking rooming house! I wish I could have seen the inside of it. I just bought my first rooming house. It’s only 2 rooms and a private basement studio but it got me hooked on how much extra money you could make on them! So now I’m on the hunt for a second one. Only thing that sucks is in my city you can only do up to 4 rooms in a single family residential property otherwise it needs to be a commercial property. ☹️
Lmao 🤣. Do you know how expensive Seattle is? Do you know they don’t have to live there if they don’t want to. Do you think they’re forcing people in there against their will 😅
Amazing story!!! I freaking love it!!! Been doing it for about 4 years and will never go back to SF leases!!! BUT why did you rent to a Non-Profit? Lima One turned me down for a rooming house refi because I had a Master lease to a Corporation and I have still been trying to figure that one out!
What was your option for refinancing. I’m under agreement to purchase a building to be used for a rooming house. I was thinking it would Be much easier to have a master NNN lease renting to a government agency or similar entity
Many times parking is not required. So Ning dictates how many legal rooms you can have, sf5000 and lzone both work. L zone will get you more room potential.
Whats the Differences between HMO (Home for Multiple Occupants?) And a "roomy house"? It always helps not to rename existing terms unless otherwise there is a significant difference in the application? Please clarify.
It was funny to hear him heavily feature college students as a target customer group. I live in a college town. One of the colleges is a 75K per year liberal arts school. It's mostly kids from rich families and they are mostly some of the worst people you will ever meet. They aren't there for academic purposes. They are there to fuck each other and get shit faced drunk every single night. Their lives revolve around two things: getting alcohol and drinking alcohol. They don't bother with rooming houses. Mommy and daddy rent them an entire house at 4-10 times the average market rate for an apartment. Since they have no respect for anything or anybody and have never faced consequences for anything, they absolutely trash the house
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I'm so excited to be able to share this rooming house project!! What are your experiences investing in rooming/boarding houses? Let me know! 🙏
You're the best/most entertaining/energetic guy on this channel. Keep killlin' it James!!
@@julianxtillotson thanks Julian! Feel free to share!!!!
Awesome design! This gives me motivation to go bigger on our next rooming house. We currently have two SFH that we rent by room. They’re are roughly 2100sqft with 5 bdrms and the flow is amazing. Ours are in suburban neighborhoods but I’d love to try this out in an urban area. Keep up the good work!!
@@mooshee nice! Yes we started with SFR as well. We like the densely populated urban areas. Plus the zoning usually allows for it.
Always my favorite BP videos thanks for sharing James!
And I’m stressed about converting a 4 into a 8 , stress is gone after watching this. Great job.
So much value in 17 min 🤯🤯🤯
Thank you!!!!
What kind of properties are good to buy to turn into a rooming house? Also can i get a FHA loan to purchase a rooming home property?
Love the painted mural
Thanks for sharing. There is actually a building I thought would be a perfect rooming house in my town. This gives me a lot to think about.
Get after it! Just make sure to form up your rehab numbers.
Wow that’s a cool looking rooming house! I wish I could have seen the inside of it. I just bought my first rooming house. It’s only 2 rooms and a private basement studio but it got me hooked on how much extra money you could make on them! So now I’m on the hunt for a second one. Only thing that sucks is in my city you can only do up to 4 rooms in a single family residential property otherwise it needs to be a commercial property. ☹️
Once again... great information ....never thought about rooming houses.
Thanks Tracey!!! Maybe they will bring me back 😛
Are you guys converting your basements into suites?
PLEASE make more content on master leasing to non profits, municipalities, etc.
what areas allow you to rent up to 8 tenants? Is there a list?
One room for $1,000? Predatory!😡
Lmao 🤣. Do you know how expensive Seattle is? Do you know they don’t have to live there if they don’t want to.
Do you think they’re forcing people in there against their will 😅
Amazing story!!! I freaking love it!!! Been doing it for about 4 years and will never go back to SF leases!!! BUT why did you rent to a Non-Profit? Lima One turned me down for a rooming house refi because I had a Master lease to a Corporation and I have still been trying to figure that one out!
What was your option for refinancing. I’m under agreement to purchase a building to be used for a rooming house. I was thinking it would
Be much easier to have a master NNN lease renting to a government agency or similar entity
I live 3 blocks away from this! So awesome/coincidental to see what happened with it
Amazing! It looks so much better in person!
Wow you guys rock ,great stuff who needs to buy a course on line I got big pockets.....luv yo guys
This was a. Interesting topic. I have never heard about this before today.
So many avenues to invest in!
Great video! Usually with these projects, zoning can be a huge hurdle. How do you get around that?
We make sure to check it before we buy! If it’s not zoned right it’s a pass for us.
@@ProjectRE that’s probably the most practical way of doing it. Thanks for replying.
Thanks for sharing, James! Super helpful. What kind of zoning will allow for this in Seattle?
You can do one in a sf5000! L zoning works best!
@@ProjectRE thanks James!
So your master lease is someone renting the entire 40 units and then subleasing them to others? If so that’s a sweet sweet deal.
What zoning accepts this type of housing & is enough parking space a challenge to fit on most lots?
Many times parking is not required. So Ning dictates how many legal rooms you can have, sf5000 and lzone both work. L zone will get you more room potential.
What's the best way to connect with questions
Whats the Differences between HMO (Home for Multiple Occupants?) And a "roomy house"? It always helps not to rename existing terms unless otherwise there is a significant difference in the application? Please clarify.
Doesn’t seem like any difference except terms for geographical location, hmo is a British term, we invest in the states.
@@ProjectRE got u
I've never considered this type of property. interesting.
So many ways to invest in real estate!
Is the Seattle market saturated for non-hedge fund investors?
It’s a active community!
this sounds like a pretty exploitative biz model… charging a 3x premium for a lesser product because convenience and forced market dynamics is rough
Sounds like a lot of hassle. I've lived in that type of housing and there was super high turn over
Because of how we renovate them the turn over is less but expenses are higher. Also the renovation strategy is definitely a hassle.
“A room $800-900 a month is very affordable.” Your mindset is pure evil. You don’t even know what you’re saying is remotely bad = pure 100% evil.
$1,000 for a room. Shame. On you.
I'm no longer waiting for the GRANT LOAN because I earn $ 46,700 every 14 days recently
👌
It was funny to hear him heavily feature college students as a target customer group. I live in a college town. One of the colleges is a 75K per year liberal arts school. It's mostly kids from rich families and they are mostly some of the worst people you will ever meet. They aren't there for academic purposes. They are there to fuck each other and get shit faced drunk every single night. Their lives revolve around two things: getting alcohol and drinking alcohol. They don't bother with rooming houses. Mommy and daddy rent them an entire house at 4-10 times the average market rate for an apartment. Since they have no respect for anything or anybody and have never faced consequences for anything, they absolutely trash the house
Geez bro. Sounds like you’re bitter towards them…..worry about what you can control.
Who’s paying $1000 for a room!?!?!?
Why would anyone want to live in Seattle
It can have its issues but is amazing in the summer time. Lots of job growth.
Traditionally, "room and board" means that meals are included.