83: College Coach with 10 "Doors" Renting By the Room to Students

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 2 June 2021

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit. Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney, has done with his 2 units that have a combined 10 rooms being rented out. After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was something that could help him reach financial freedom. When some of his athletes started complaining to him about the sub-par conditions they were living in, Ryan decided to start competing with the local student rentals, providing better living conditions at a more manageable price. Now, Ryan is exclusively renting out his properties to students on 9 to 10-month leases. He’s had to pivot a bit since COVID-19 shutdowns took students off-campus, but has a solid amount of reserves and enough flexibility with students that he doesn’t have to worry. Ryan talks about how he found great contractors, used the BiggerPockets investment calculators to secure financing, and what you should (and shouldn’t) do when renting out to students. In This Episode We Cover How to manage, rehab, and rent out student rentals Using the BiggerPockets calculator reports to secure financing Never buying as much house as you can afford Why inspections are almost always worth the price The screening process for students when renting by the room And So Much More! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram BiggerPockets Business BiggerPockets Podcast BiggerPockets Money Cozy James Dainard's Instagram BiggerPockets Instagram BiggerPockets Facebook Realtor Buildium RentRedi Stessa Turbo Tenant Biggerpockets.com/pro Biggerpockets.com/calc Real Estate Rookie Youtube Check the full show notes here: https://www.biggerpockets.com/rookie83 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Real Estate Rookie, episode number 83.
0:04.6	What I found works really well is if I can fill a house all at one time with a group
0:13.3	that already wants to live together.
0:15.0	So the duplex I own each side is three bedrooms.
0:17.9	So if I can get a group of three that, hey, we're three buds, we want to live together
0:21.2	here.
0:22.2	That makes it a lot easier.
0:24.4	My name is Ashley Care and I am here with Tony Robinson.
0:29.9	Hello, Tony.
0:30.9	Welcome to the show.
0:31.9	It is up, Ash.
0:32.9	We've been spending lots like half hour just like shooting the breeze and forgot that
0:37.6	we had to record an intro for the podcast.
0:40.2	Thank you.
0:41.2	We had such a great guest today, Ryan.
0:43.9	We talked to him for over an hour and we could have dug in so much more.
0:47.7	And then we, just from things he said, we started talking about our own personal business
0:52.3	experiences and brainstorm some ideas and what we have going on.
0:56.8	So that was that was a lot of fun.
0:58.8	Today's guest was great.
0:59.8	Like you know, like you said, the interview went long, but it's because it was so good.
1:03.6	And you know, we had to like skip some segments because we were just like enjoying the conversation
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.