Has anybody ever bought real estate and then rented out each room individually? Do you generally make more money this way or is it about the same as if you rented it out to a tenant? I know Don Barden began to create his wealth that way. I figure this would work best in areas of low income people, and college students. Probably risker but is the markup greater?
2007-07-27 19:12:46 · 3 answers · asked by night_taker_1999 2 in Business & Finance ➔ Renting & Real Estate
Best check out what the codes are in your area. I met an old German woman who had gone through the depression in Germany-when people gave their jewelry just for a bit of food. She came over here and opened up a boarding house and cooked and cleaned and made enough money to buy land out a bit. Then she ran a speakeasy during prohibition. She parlayed her money and as an old woman she was never hungry again. She was quite an amazing person. Renting out rooms is not easy is my best guess and takes lots of time and ,according to her, lots of work. I have been tempted to buy a motel in the past and know a family that made it pretty good. They had a bar and restaurant in the middle and rented by the night, the week or the month. It ended up with quite a cast of characters and everyone that worked nearby rented there when they got divorced, including me, and we lovingly called it Heartbreak Hotel. He built the bar and restaurant next to his house. He served great plate lunches to all the blue collar workers nearby and all the booze they could drink. He bought his large farm from this and then cut his house up into rooms and rented them by the month-those were known as the big house, behind that he added a two story row of rooms for nightly rentals-the cell block and behind the restaurant he added little bitty cubicles that the old pensioners would rent and that was death row. We'd BBQ and party in the parking lot and never had to leave. We had quite a time and I had an excellent divorce while he made money hand over fist. You can make money renting, it's just lots and lots of work. If it was easy, everyone would be doing it. Be sure you have lots of patience. Look at what everyone here says about renting and bad landlords but noone has much to say about bad tenants. . .and there are a lot more of them. . .
2007-07-27 19:43:47 · answer #1 · answered by towanda 7 · 0⤊ 0⤋
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2016-07-19 14:28:01 · answer #2 · answered by Leroy 3 · 0⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?hYKz
2016-07-12 04:00:42 · answer #3 · answered by ? 3 · 0⤊ 0⤋