Ep 27: Do Rooming Houses Make Good Property Developments? - with Bob Andersen

There are so many options for the types of property developments you can do, and one of them is rooming houses or “rent by room” properties. But are they worth looking into and investing in? Today, Bob and I talk about whether or not rooming houses actually make good property developments or not, what they really are technically, who they’re for, how to get started, and more! This is a particularly interesting episode so tune in now!  If you’re interested in receiving a free copy of the book “Secrets of Property Millionaires Exposed”, send an email to [email protected]!  Or Subscribe and give us some great feedback on YouTube: https://www.youtube.com/channel/UCt31KlQu9azoojEHPLvXgmA Let’s get into the episode!   Episode Highlights: Defining “rent by room” [02:56] Rules for rooming houses vary from state to state [03:51] Rooming houses are not the “modern version” of a boarding house [06:01] You can convert a normal house to a rooming house, but should you? [09:23] The importance of having a specialist manager [15:10] Spending more on a specialist manager will add more value to rooming houses [16:12] Flow of money from a good rooming house build [20:18] Do banks like rooming houses as investments? [22:07] Bob’s student accommodation development story [23:25] One big mistake a new developer made on his first commercial project [28:11] One-room owners in a rooming house [30:07] You NEED an experienced manager & the right team for the project to work [31:02]   Resources: If you’re interested in winning a free copy of the book “Secrets of Property Millionaires Exposed”, go ahead and leave a comment or send me an email. We’d love to hear from you! Every week, Hilary is inclined to give away a free coaching session. Feel free to send her an email at [email protected] If you liked this episode, or have any comments and/or suggestions on how we can make this better, don’t hesitate to send us an email. For questions/things you’d like us to cover and discuss in this podcast, again, you can send an email at [email protected]   Connect with Hilary Saxton: Property Mastermind Facebook: https://www.facebook.com/PropertyMastermind Property Developer Secrets and Hacks Facebook group: https://www.facebook.com/groups/2581187315284341 Hilary Saxton Facebook: https://www.facebook.com/HilarySaxtonCoach Instagram: https://www.instagram.com/hilarysaxtonproperty/ LinkedIn: https://www.linkedin.com/in/hilary-saxton/ YouTube: https://www.youtube.com/channel/UCt31KlQu9azoojEHPLvXgmA Property Mastermind Website: https://www.propertymastermind.com.au/   It has been a pleasure! And we look forward to seeing you in the future episodes!See omnystudio.com/listener for privacy information.See omnystudio.com/listener for privacy information.