201: Investing in Co-Living with Homeroom CEO Johnny Wolff

Johnny FD interviews Homeroom CEO Johnny Wolff about co-living both as a tenant and potential investor. Then Johnny & Derek share their roommate stories, investing in Homeroom, and exploring creating your own co-living investment property. Johnny Wolff is the CEO and Founder of HomeRoom Coliving – one of the fastest growing coliving companies in the United States. After starting his career as a financial analyst in Silicon Valley (EA, SanDisk, Guidespark), he relocated to Austin, Texas to pursue real estate investing fulltime. His love for real estate investing and living with roommates motivated him to start HomeRoom in 2017, after an unusually terrible Craigslist roommate experience. In 2020, HomeRoom boasted 99% on-time rent payments, full occupancy, and zero evictions. Sales velocity for HomeRoom is up 300% in 2021 with hundreds of happy residents across 23 cities in 3 states. Powered by investor funds, HomeRoom recently expanded to Dallas and Austin, Texas. Johnny still lives in one of HomeRoom’s first coliving houses in Kansas City, and enjoys hanging out and surviving the pandemic with his awesome roommates - especially on chicken wing Thursdays. Listen to ILAB 201 on iTunes here or subscribe on your favorite podcast app. Where we are: Johnny FD – Ukraine / IG @johnnyfdj Sam Marks – Ireland/ IG @imsammarks Derek Spartz - Venice Beach / IG @DerekRadio Sponsor: Flippa Visit Flippa.com/boss today to get the best price for your online business or register as a buyer and tap into the many businesses up for sale. Support Invest Like a Boss: Join our Patreon Discussed: HomeRoom: Coliving Rooms | Best Property Investment Marina del Rey, CA Co-Living Building Like these investments? Try them with these special ILAB links: ArtofFX – Start with just a $10,000 account (reduced from $25,000) Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) *Johnny and Sam use all of the above services personally. Time Stamps: 17:34 – How does it work for a tenant? 21:17 – Can you explain why they are all 1 bedroom 1 bathrooms? 21:58 – What other fees are there for the tenant? 23:25 – How does it work for an investor? 26:30 – How did you calculate the numbers for the investment? 29:46 – What happens if the real estate market drops? 30:59 – How do you guarantee a monthly rent? 31:25 – Do you have to be accredited or do you have to be in the US to invest? 32:26 – What are the steps to be taken in order to invest? 35:02 – What kind of contract do you have with the investor? 37:02 – What are the policies if the owner wants to move in? 40:26 – Johnny and Derek review If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here!  Copyright 2021. All rights reserved. Read our disclaimer here.