EP 320: Case Study: Her 9 unit Rooming House for Traveling Professionals
Nov 11, 2022
A rooming house is a great investment to consider. Unlike, short term rentals, it requires much less work. It’s also easier to build a sense of community and have a little bit more consistency between people renting there.
In this episode, Rachel Swanson shares her real estate experience, how she ventured into rooming houses, and how she tripled her income in 12 months. From planning, construction, qualifying tenants, complying with state regulations, and managing the property, you’ll be sure to pick up valuable nuggets that you could apply to your investing strategies.
Rachel Swanson is a bestselling author turned real estate investor in 2021. She transitioned from writing books and coaching online full-time to working her real estate business, only part-time, tripling her previous income in only 12 months, all while balancing motherhood with Wannabe Triplets. Her goal is to bring her husband home from his 9-5 before his 40th birthday (2022) through the time-freedom they will have from passive income from real estate investing.
Quotes
• “There's a lot that goes into working with the city for zoning and planning and ordinances, and that can totally wreck your business if you don't do your due diligence beforehand.” (6:23 - 6:33)
• “There is a real need for those that are traveling nurses. To do midterm rentals that have a, an affordable and nice place to live as well as for the existing community.” (19:23-19:34)
• “We don't actually charge the rates of a standard one bedroom since it's not exactly a one bedroom. But it still ends up cash flowing really well overall because you're pooling everybody together.” (20:35-20:48)
• “I think ‘cause it's a unique property, it was a unique concept, it was kind of a risk on their [lender] sense… I did have to do a lot of convincing with that lender to get the initial loan.” (24:31-24:44)
• “Short term rentals is a lot more work. Midterm? Not so much. When you're transitioning every three to six months with people, it's not a whole lot of work.” (28:09-28:17)
• “We also did have to put in a lot of rules… When you're doing a rooming house or something where people are coming together, you kind of have to set the rules.” (28:54 - 29:19)
Connect with Rachel Swanson:
Website: rachelcswanson.com
Instagram: @rachelcswanson
Resource Mentioned:
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