Coliving has often been thought of as solely student housing. When you mention this strategy to investors, they think of house parties, dirty dishes, constant complaints, and a whole lot of maintenance. But ask Jay Chang from Tripalink, and he’s got a different story to tell. Jay works to develop the best coliving communities in the United States, securing a lower-rent option for his tenants and a high cash flow investment for his investors. He’s seen how coliving projects are built, managed, and maintained, and he may completely change your mind on this concept.
For expensive areas like Los Angeles, New York, and Seattle, finding an affordable place to live as a student or entry-level worker is near impossible. Your options? Spend the majority of your salary on a studio apartment, live with your friends who haven’t vacuumed in three years, or move into a coliving apartment. The latter offers upscale amenities, daily or weekly cleaning, private rooms, and a high cash flow solution for landlords in pricey markets.
Still have your doubts? Jay touches on the untrue myths associated with coliving, why vacancy is near-zero, property management and maintenance, and why this investing niche could be close to exploding as the economy takes a tumble. This strategy could take your real estate portfolio to the next level if you’re in an expensive market, college town, or densely-populated area.
In This Episode We Cover
A quick housing market update and why buyers are jumping back in
Coliving explained and why young professionals and students need a new option for housing
The stigmas associated with coliving and why almost all of them are untrue
The luxury amenities that coliving offers and how it keeps vacancy at rock-bottom rates
Property management when coliving and how to deal with tenant issues
Converting your single-family home into coliving and the cost you can expect
House hacking and how to start coliving on a smaller scale
Where to invest in coliving and how to get in before this industry takes off
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
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On The Market
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
Dave’s BiggerPockets Profile
Dave’s Instagram
Henry's BiggerPockets Profile
Henry's Instagram
Co-Living Could Become The Future Of Real Estate
Double Your Rental Income with Co-Living Cash Flow
Build a Six-Figure Student Housing Portfolio in Just Eight Steps
Read Jay’s Articles on BiggerPockets
Connect with Jay:
Jay's BiggerPockets Profile
Jay's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-80
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