80: How to Make More Cash Flow Charging Cheaper Rent with Coliving w/Jay Chang

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 BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE 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 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices