09 Dec Do Rooming Houses Make Good Property Developments? – with Bob Andersen | #027
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!
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Let’s get into the episode!
- 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]
About Hilary Saxton:
Hilary Saxton is a performance and mindset strategist who motivates, trains, and coaches people who crave knowledge and success in their property and business life. Hilary has had a varied career in property and business spanning at around more than 25 years now. She takes an honest, upfront approach towards both people and process issues. Hilary provides solutions through incremental and transformational change that delivers the success her clients both want and need.
About Bob Andersen:
Bob Andersen is the founder of Property Mastermind; he is a member of a select group of Australian property developers who have been involved in over $1 billion in successful development projects over the last three decades. Bob’s success in property development has become life-changing, and he wants to share his knowledge and experience with everyone who
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It has been a pleasure! Looking forward to seeing you in the future episodes!