I am looking at a 5 BR, 2 1/2 BA fully furnished boarding house. I have no experience with this type of property. Has anyone worked with boarding houses that I could pick your brain? All leases are monthly as you would expect, but it seems to cash flows well! Gary Swartz
Gary, I have never bought a boarding house so I cannot give you any advice on this one. I wonder if you can research if the landlord has had to evict people in the past. Are there restrictions about who can live there — like drug tests?
Is a boarding house the best use for the property? Would it cash flow better if it had a different use or is it only zoned for a boarding house?
Thank you Jackie! It is listed residential with the ability to serve as a group home. The neighborhood is primarily residential with mostly rentals. The opposite side of the street is basically commercial (pizza hut, drug store etc.). The cash flow is much higher with 5 renters than a single family of course.