We were on a budget of $650,000 and looking for the BEST student rental that we could get our hands on in this price range. And we found it! We converted a single-family home to a 7-bedroom student rental that we rent out to Brock University students. This investment is a BIG winner, bringing in $590 cash flow even with today’s higher interest rates!
All we had to do was add two doors to convert this home to a 7-bedroom student rental which increased the income we could get on the property by almost $2000 a month. The 'Student Rental Conversion' is a great option to find cash flow in this market and beat these rates. With minimal work or conversion funds required. As student rental demand EXPLODES across Ontario, it's a great time to take advantage of all the demand and provide much-needed housing.
Here are some more tips for finding homes perfect for the Student Rental Conversion:
- You want a home near a strong school in an attractive area for students
- nearby bus routes, amenities, shopping, etc
- Look for existing 4-6 bedroom homes with 2-3 full washrooms. The more bedrooms and bathrooms a home already has, the better.
- Larger square footage homes give you more room to add bedrooms and washrooms
- Don't exceed 3 students in one bathroom if possible. If 4 students will have to share a bathroom, plan on adding another bathroom in ASAP. Students want bathrooms.
- Dining rooms and basements are easy to convert to bedrooms by adding doors and walls
- Be aware of bylaws in certain cities that restrict the number of bedrooms you can have in a home. Your Rock Star coach will know which cities have restrictions.
If you're scared of student rentals, don't be! Once you learn how to manage them, they're not much more work than a long-term rental.