How would you rent this out...7 br house.?

Question

the house has 7 bedrooms. 2 on top floor with full bath, 2 on main floor with full bath and din/living room, 3 on first floor with full bath and kitchenet with livingroom.

Since the 2 on the top floor have the view and are the biggest and they share 1 bath I was going to charge more for those two.

the 2 on the main floor have a kitchen and a large living room (original hardwood floor)
the 3 on the first floor (used to be a daylight basement, renovated 6 months aggo) i was going to charge a little less since its 3 people sharing 1 bath.

the mortgage is 3500,

I am taking over this property as a favor to a friend that had to fire her former manager (letting rent slip in leu of sex) The house is in an area next to Lake Washington and the University of Washington. My backround is in 1-12 unit apartments, this is my first "house" rental...any help will ..help.

Answer 1

i live in a 9 room house out by U-village. the way we've got it is that we pay a flat rent that's divided up between the 9 of us. as far as i've seen, the large houses (6+ rooms) were snappped up very quickly (this was in may), and all by groups of students that know each other, so charging by the room didnt seem to be the way it was done out here.

Actually, you could probably start charging by room once summer begins, and all the groups are situated; to fill up the rooms with single students. I have a friend looking for a room right now, and the large houses are doing it by room.

if you're wondering, i'm guessing rent won't cover much more than the mortgage, which is about 500 a room

Answer 2

I would rent the top level as a single unit with two bedrooms. Price this in line with other two bedroom units in the area. I would imagine that your top and main floor occupants will all share the main kitchen, since you do not indicate any sort of kitchen set up for the top level. Therefore, I wouldn't necessarily consider it a benefit to only your main floor occupants. You can charge a fair rate to your occupants of the main level, perhaps $150-200 less than one bedroom rentals in the area, or maybe structure rent similar sharing a two bedroom apt with a roommate. Market the first floor again to a group of people willing to share living space. On this same thought, I would say your best option is to try for renting the place as a whole. If you rent piecemeal, then I believe it could be hard to cover the mortgage let alone other overhead. However, I knew of large houses that could be rented for full value of mortgage plus a premimum if one was lucky enough to find a group of 8-10 roommates, depending on what your property is licensed for. I don't know much about the rents in your area, but it seems you need to get at least 500 per room just to cover the mortgage. In the town where I went to school, most room rentals went for well under 500. Good luck.

Answer 3

You need to charge per room. That’s how rentals are worked in college towns. Most of the time the parents are paying the rent or at least guaranteeing it. Many times leases are signed before the end of the school year for the next year.

Answer 4

for sure it relies upon on if all use the centers both. Do all get to apply the kitchen, do all have separate bogs, do all get to apply the laundry centers, do all have a vehicle parking area of their personal? you also reported enable's say "we've 3 human beings residing (i anticipate you meant residing) at a house" and the way it is suggested it would want to recommend 3 + 2 human beings, i.e. 5 to the abode that could make it confusing for all because like 4 4 bedrooms to verify the images you'll desire 5 baths. So right that's how the condo complexes do it. i visit anticipate (for all intents and applications) your "we" is a married couple. In an condo a pair receives a tad more effective one bedroom condo and the only individual receives an performance. there is about $35 to $70 large difference between both houses, the single-bedroom has a touch more effective room yet both have their personal bathing room and kitchen. Then assuming (like then you definately talk about "one" individual and no longer a "we" so i'm assuming it truly is a associates and advantages ingredient occurring there and in uncomplicated words one mattress (you probably did not say 2 beds). properly for associates and advantages i'd say each and each might want to pay a million/3 and if 2 did not like paying more effective then tell them "associates and advantages" isn't allowed at your residence. I once tried to employ an condo PA with pupils even as my husband grow to be remote places and grow to be advised by technique of the owner/landlord that the toughest area of employ grow to be an section for 3 human beings because they are going to by no skill get alongside, 3 is only a nasty huge type....and also you may see that by technique of what i have written above. no one will ever be satisfied, there'll be bickering, jealousy, and so on. the answer? properly if I were the owner and that i have been married them me and my husband might want to take the smaller bedroom and we'd want to employ out the bigger one to someone who grow to be employed with tremendous income in order that lets pay off the abode quicker.

Answer 5

Best return for money is letting out individual rooms rather than property as a whole. Maybe you can let out the living room as well making 8 lettable units?

Answer 6

If you're going to rent to students, make sure the whole house is students, and rent by the room. Otherwise, don't have any students at all, or maybe graduate students.

Answer 7

read tips on real estate and renting on this site

Answer 8

put it in a local paper.