In today’s episode of Passion for Real Estate Investments, CEO of HomeRoom, Johnny Wolff, talks about co-living real estate.
Johnny’s career started in Finance in Silicon Valley. In 2015, he became a full-time real estate investor, renting by-the-room. In 2018, he sought to solve the problem of finding a co-living arrangement and founded HomeRoom. HomeRoom is one of the fastest growing co-living companies in the US.
Johnny holds a BSc in Business Administration and Finance from the California Polytechnic State University.
How do they decide which candidates are best-suited for co-living? What challenges does he face? Johnny tells us about lease terms, dealing with roommate issues, and the ideal target demographics. We get to hear about the investment process, returns, and the HomeRoom concept.
If you want to learn more about co-living real estate investing, or you want to add co-living to your portfolio, this episode is for you.
Highlights from the interview
- “If you can use leverage and target good markets, you can make a lot more money in real estate than any other way.”
- “26% of young adults are living with roommates, which is the highest ever, and it keeps trending up – it’s been going up for the last four decades.”
- “52% of young adults are living with their parents today.”
- “The return on investment is in the high 20%. Your cash-on-cash, depending on the city, is 7-9%.”
- “You don’t even need to be experienced – we’ll coach you on real estate investing.”
About Johnny Wolff
Johnny Wolff is the CEO and Founder of HomeRoom Coliving – one of the fastest-growing coliving companies in the United States. After starting his career as a financial analyst in Silicon Valley (EA, SanDisk, Guidespark) he relocated to Austin Texas to pursue real estate investing full time. His love for real estate investing (he’s been investing since 2008) and living with roommates (since 2002) spurred him to start HomeRoom after an unusually terrible experience searching for roommates on craigslist in 2017. In 2020, HomeRoom boasted >99% on-time rent payments, full occupancy, and zero evictions across its 132 coliving units. Powered by recent investor funds HomeRoom expanded to Dallas in July of 2020. Johnny still lives in one of HomeRoom’s first coliving houses and enjoys sharing the space / surviving the pandemic with his awesome roommates – especially on chicken wing Thursdays.
To learn more about Johnny, you can stay connected with him on his website.