How Do You Setup A Boarding House?
If you own an investment property and are looking to increase your monthly cash flow then you may want to consider converting the property into a boarding house. A boarding house consists of multiple individuals sharing the same house while renting individual rooms. Let’s say you have a 3 bedroom house renting for $800 per month. If you rent the house per room for $90 per week then you would make $1,170 per month instead. One important fact to remember is boarding houses usually rent on a month-to-month basis so you have to factor in a higher rate of tenant turnover. First, get your property in boarding house shape. It is much easier to rent out a boarding house if it is already furnished. The furnishings do not have to be high dollar, just clean and in good condition. I would suggest a full-sized bed in each room and a dresser. The bed does not have to have a headboard however having one will add to the room’s appeal. Furnish the living area with a sofa or two at the minimum and make
