Buying a house and transforming it into an "Entrepreneur house"... entrepreneur how earn by blogging blog

Hi!

I'm 22 and so far have had 1 successful startup that was acquired, and with that, I have plenty of cash that I don't know what to do with.

Over the past few months I've started to realize that the people I surround myself with have a huge impact on how motivated I am to take myself to the next level personally and in my career.

My lease ends in 4 months, and thinking about where I want to be/live next is difficult. Especially since I don't want to live alone just yet.

With that being said, I've identified a house in a somewhat large city (290K population) which is 5bd, 4ba, newly renovated with a wonderful backyard, and 2,877 sqft.. all for $220k.

So what I'm thinking of doing, is renting out 4 bedrooms to serious entrepreneurs and charging $700/mo in rent and in return they get high speed internet, free coffee/tea, free weekly cleaning service, a room to sleep and a common area for working with white boards, desks, cool furniture etc..

It would be a really cool space and a place where like-minded people/entrepreneurs can live together and grow.

The numbers are very favorable as far as I can tell:

4 bedrooms at $700 = $2,800/month

I've read that my state offers 3.5% down-payments for new home buyers so I'd have to pay $8,000 upfront with a mortgage of $1,400/month

Free coffee/tea, internet, cleaning = ~$550/month

Whiteboards, desks, cool furniture = ~$3,500

So overall:

Income: $2800/month

Upfront costs: $11,500

Mortgage + services: $1,950/month

Profit: $850/month

Break even timeframe: ~13 months + I personally wouldn't be paying rent so I save money there, secondly I'd essentially be getting a house for "free", and thirdly, there is so much space in the house that I am convinced I could create another bedroom and charge $650/month instead of $700/month so that would be $650*5 = $3,250 which is a lot more profit as well.

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Sorry, this is a long post. But do my numbers sound accurate? Is this a good idea for a 22 year old? I'd love your thoughts! Thank you!

submitted by /u/LemonMYSnicket
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