Want to quit your job with real estate investing? Rookie investor Miller McSwain has a strategy anyone can copy to make serious cash flow. This investing strategy is rookie-friendly and allows you to learn the real estate investing ropes while making serious money. Miller now has six properties with forty-one units in total, and today, he’s sharing this easily repeatable strategy for quickly building wealth.
Miller will be the first to tell you that his “coliving” strategy is not rocket science. He should know—he’s a former rocket scientist. After house hacking and renting out the rooms in his home, he realized how much cash flow the rent-by-the-room strategy makes. But instead of buying houses with as many rooms as possible, he began focusing on community living and homes with inviting common spaces, allowing for higher rents.
So, how do you start with this strategy? Miller explains, in detail, precisely what makes a great coliving investment property, how to market your rooms to get the most tenants possible, and what to do when conflict arises between roommates. After six properties, he’s still hunting for more, and if you’re looking for higher cash flow rentals, this is a strategy you should definitely try.
In This Episode We Cover:
How to quit your job and become a full-time real estate investor with “coliving”
Coliving explained and why it is NOT the same as renting by the room
Miller’s exact “buy box” and what makes a property perfect for coliving
Marketing your rooms online and how to quickly screen tenants without taking a hundred phone calls
Handling tenant conflict and what to do when roommates aren’t getting along
The easiest (and arguably cheapest) way to invest in your first coliving property
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Tony's BiggerPokckets Profile
Join BiggerPockets for FREE
Real Estate Rookie Facebook Group
Real Estate Rookie YouTube
Miller’s Instagram
Supply Mate
Start Your Real Estate Portfolio with “The House Hacking Strategy”
Find an Investor-Friendly Agent in Your Area
What is Co-Living and How Can It Help Your Multifamily Property?
Connect with Miller
(00:00) Intro
(03:09) Quitting His Job!
(07:01) Current Portfolio + Coliving 101
(16:56) How to Handle Coliving
(24:16) Marketing Your Rooms
(26:11) Screening Roommates
(34:26) Full-Time Investor Life!
(36:13) Tips to Start Coliving
(37:32) Connect with Miller!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-486
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices
