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    An Independent Landlord's Guide: How to Start, Run, and Profit from Rooming Houses
    An Independent Landlord's Guide: How to Start, Run, and Profit from Rooming Houses
    An Independent Landlord's Guide: How to Start, Run, and Profit from Rooming Houses
    Ebook54 pages33 minutes

    An Independent Landlord's Guide: How to Start, Run, and Profit from Rooming Houses

    By Lamont Clark

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    About this ebook

    At one time, rooming and boarding houses were a common, and often desirable, form of housing that catered to members of a wide range of social classes and professional occupations, but this sector of the lodging industry has generally been in decline. This, however, doesn’t mean that there are not generous profits to be made!

    Most people only think of Rooming Houses as places that offer single rooms to people. But there are other ways you may consider structuring your house, some of which may allow you to increase your profits. Rooming houses can offer single rooms, shared double rooms, efficiencies, or suites; private, shared, or communal living and eating areas; and private, shared, or communal bathrooms. So depending on the size, condition, and locale of your house, you can determine what sort of Rooming House you will create.

    One of the great things about being a landlord is that you have other people paying off your mortgage. Rooming houses not only reduce your risk of paying your mortgage on your single family home because of vacancies, it also gives you greater cash flow than if you had one tenant (family) in your single family home. This eBook will show you the steps to creating a successful rooming house.

    LanguageEnglish
    PublisherLamont Clark
    Release dateApr 18, 2013
    ISBN9781301031870
    An Independent Landlord's Guide: How to Start, Run, and Profit from Rooming Houses
    Author

    Lamont Clark

    Lamont Clark was born and raised in Mount Vernon., New York. He is a graduate of the University of Maryland at College Park (Smith Business School) and earned his MBA at the University of Maryland University College.A man of many interests and talents, in addition to writing, Lamont has over 20 years of experience in the entertainment industry as a musician, record producer, on-air radio personality, actor, and television producer and director. Lamont is a multiple award winning producer and director for his television shows.Lamont also has over ten years of experience teaching and training both adults and children.Lamont is married with two sons.Together with his beautiful wife Sheila Clark, they have put together several cookbooks including:A Coffee Lover’s Dream! 88 Great Tasting Coffee Recipes; Cheesecake Delights! 77 Gourmet Cheesecake Recipes; Chocolate Heaven! 500 Scrumptious Chocolate Recipes; Cookie Cravings! 101 Divine Cookie Recipes; Popcorn Love! 101 Exquisite Gourmet Popcorn Recipes; Wonderful World of Wings! 85 Mouth Watering Wing Recipes;Yummy! Yummy! 101 Fun Children’s RecipesYou can check them out at www.70WestPress.com .

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      Book preview

      An Independent Landlord's Guide - Lamont Clark

      How to Start, Run, and Profit from Rooming Houses

      An Independent Landlord's Guide

      By Lamont Clark

      Smashwords Edition

      Copyright

      70 West Press

      www.70westpress.com

      Table of Contents

      Introduction

      Chapter 1 - Quick Tips for Setting up a Rooming House

      Chapter 2 - Setting up a Rooming House

      Chapter 3 - Moving Tenants In

      Chapter 4 - Moving a Tenant Out

      Chapter 5 - After a Tenant Leaves

      Chapter 6 - Conclusion

      About the Author

      Introduction

      Sometime back, maybe in 1995 or 1996, I was a couple of years out of college and living with a couple my buddies. Our lease was up in our apartment and we were looking for a new, bigger place that could accommodate the three of us, plus another friend of ours who was looking for a place. One of my friends had a girlfriend who's family had a vacant house in NW Washington DC, in an area called LeDroit Park. So he and I went to see the house. It was a big house, lots of space, and could definitely accommodate the needs of four 20-something year old guys, who were used to living in the close quarters of dorms and apartments for the last 6-8 years.

      The person who was showing us the house was the girlfriend's sister's husband. So we told him we loved the place and asked him how much was the rent and he told us $1000.

      One thousand dollars!? For the huge house, in Washington DC?! We damn near giggled like little girls when he told us the price.

      That was until he said, "I meant $1000 each". Yup, he wanted $1,000 per occupant.

      That put a halt to our little party. And that was also my first encounter with a rooming house. I am not really sure if he considered it a rooming house, but that's basically what it was. As far as his process was he was going to be renting rooms to individuals, not renting a house to a group of people.

      We wound up finding a 4 bedroom house in Maryland that we rented. On several occasions the real estate agent who helped us find that house kept suggesting that we buy a house. But we were young, and we told her that we weren't going to be living together for that long. She said that we should buy it now, and rent it out later on. We balked at the idea.

      Fast forward about 7 or 8 years later and the real estate market is starting to pick up steam. I had just purchased my first home and I got really interested in Real Estate Investing, so I learned about every facet of real estate there

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