I want to rent each room to different tenants as my first multifamily deal. Is that a good idea?

Good question.

No, that is an absolutely bad idea. It is not the worst Idea but it shows your ignorance about multifamily thinking that this is some great strategy.

First of all the type of tenant that is attracted to renting a room in this sort of situation is usually not going to be reliable about paying rent on time.

There also will be endless problems as the people that don’t know each other argue about things in the property and then go to you to find a solution.

Sure, I know on paper you calculated that $500 per month times 6 bedrooms that this might look like it will work. All it will do is waste your time and put more wear and tear on the house.

You simply can’t convert a single family home into a multifamily asset worth having. Even if you could fit 12 tenants in it instead of 6 this still is not going to do anything for you except create problems.

You need to be a limited partner before you try being a general partner on a multifamily deal. But right now you are neither of those things.

You simply are lost and confused and need a proper financial education so you don’t do things like this and learn by making this and other beginner mistakes.

I offer education and training to landlords, engineers, doctors and dentists, and many others that would like to learn how to enjoy the benefits of multifamily as quickly as possible. If that sounds interesting contact my office by going to www.benjaminzmiller.com and fill out the contact form.

If you want to learn how to invest, you should register for my free weekly investor meeting to learn more:

https://www.meetup.com/benjamin-z-millers-investor-networking-group/

I hope that helps and good luck with your investing!

Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
[email protected]
https://www.linkedin.com/in/benmillersells/
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