The BetterLife Podcast: Wealth | Real Estate Investing | Life
The Highest CashFlowing Asset Class? Tactical Details of Co-Living with Miller McSwain
Oct 4, 2024
In this discussion, Miller McSwain, a thriving real estate investor from Colorado Springs, shares his insights into co-living properties, where individual rooms are rented out. He explains why co-living is the ideal investment niche today, revealing strategies for maximizing cash flow, with an impressive average return of $24,000 annually. Miller highlights the importance of understanding renter demographics and creating a sense of community among tenants. Plus, he shares secret hacks to kickstart your own co-living venture!
24:27
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Quick takeaways
- Co-living significantly enhances rental income potential, allowing investors to earn up to three times more than traditional leasing methods.
- Understanding local demand is essential for co-living success, as markets with affordable housing shortages attract diverse tenant groups seeking lower-cost living options.
Deep dives
The Co-Living Investment Strategy
Co-living, or renting by room, allows investors to maximize rental income by leasing individual rooms in larger homes rather than renting to a single tenant. This approach significantly increases cash flow potential, with investors reporting revenues three times higher than traditional leasing methods. For example, a property that would typically generate around $2,000 a month in rent can instead yield upwards of $7,000 when rooms are rented separately. This strategy not only caters to high demand in markets with inadequate affordable housing but also serves diverse tenant groups such as military personnel, college students, and low-income individuals.
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