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.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.