83: College Coach with 10 "Doors" Renting By the Room to Students

Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit. Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney, has done with his 2 units that have a combined 10 rooms being rented out. After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was something that could help him reach financial freedom. When some of his athletes started complaining to him about the sub-par conditions they were living in, Ryan decided to start competing with the local student rentals, providing better living conditions at a more manageable price. Now, Ryan is exclusively renting out his properties to students on 9 to 10-month leases. He’s had to pivot a bit since COVID-19 shutdowns took students off-campus, but has a solid amount of reserves and enough flexibility with students that he doesn’t have to worry. Ryan talks about how he found great contractors, used the BiggerPockets investment calculators to secure financing, and what you should (and shouldn’t) do when renting out to students. In This Episode We Cover How to manage, rehab, and rent out student rentals Using the BiggerPockets calculator reports to secure financing Never buying as much house as you can afford Why inspections are almost always worth the price The screening process for students when renting by the room And So Much More! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram BiggerPockets Business BiggerPockets Podcast BiggerPockets Money Cozy James Dainard's Instagram BiggerPockets Instagram BiggerPockets Facebook Realtor Buildium RentRedi Stessa Turbo Tenant Biggerpockets.com/pro Biggerpockets.com/calc Real Estate Rookie Youtube Check the full show notes here: https://www.biggerpockets.com/rookie83 Learn more about your ad choices. Visit megaphone.fm/adchoices