For renting out individual rooms the usual thinking on the subject goes to a rental population of students, seniors and the mentally and physically challenged. I say think outside the box – it’s a great time to be unconventional and observe your rental properties cash flow like never before. On average a $1,000 a month in net cash flow per dwelling unit.
Our preferred tenant will not fit into any of the above-mentioned categories.
We have found that the renters we work with – ex-offenders of soft crime – can be less of a hassle and less expensive than those most people think of when renting out individual rooms. With anyone on parole or probation, finding a place to live is often challenging at best and forces men and women into shelters where they are apt to experience the same issues that got them into trouble in the first place. Those who want to make a change and make their lives work are in need of clean affordable housing that reinforces their goals.
Every tenant comes in knowing that in order to take advantage of this opportunity a set of “House Rules” must be agreed to. They are a set of living requirements handed down by most States Department of Corrections, as part of the individual’s parole or probation agreement. They are not impossible to follow and they keep your house safe and healthy.
Who enforces them? The individuals themselves and their parole or probation officers. Former offenders don’t want to violate the conditions of their parole/probation requirements and if the House Rules are not being maintained there is always someone waiting to take the room. This is just one of the reasons why this tenant population is so wonderful to have as renters.