Episode 209 - Mastering Co-Living & Rent-By-The-Room: Strategies for 97% Occupancy with Grant Shipman

INVEST2FI

Want to make more money from rentals with some intelligent co-living setups? In this episode, we talk with Grant Shipman. He's not just any real estate investor; he's the guy behind Living Smith, a property management company focusing on co-living spaces. Plus, Grant has over 20 years of experience living and learning in these kinds of communities.

Grant’s story is inspiring. He went from delivering pizzas to becoming financially independent, all through co-living. His unique way of managing properties and choosing tenants has helped him maintain a 97% occupancy rate, even when the market was tough.

We discuss everything from finding the right property, screening tenants, setting up leases, and managing multiple properties in different states. Grant’s advice is perfect for new and experienced investors who want to increase their rental income while creating positive, shared living spaces. Whether thinking about house hacking or growing your rental business, you’ll find his tips and strategies helpful!
PODCAST HIGHLIGHTS:
[01:05] Grant’s background and his initial struggles as a beginner in real estate, including starting with minimal resources
[03:00] From pizza delivery to property owner
[06:50] Grant’s unique tenant screening process and lease structure ensure high occupancy and low conflict.
[11:40] A breakdown of Grant’s household support system.
[18:30] Key property features to look for when investing in co-living properties.
[27:10] Lessons from the 226 million-dollar failures in the co-living industry.
[37:00] Grant’s approach to managing evictions and keeping the household harmonious.
[43:50] Grant advises maintaining occupancy, screening tenants, and structuring leases for rent-by-the-room investments.
[49:00] How Grant’s experience with his father’s illness shaped his perspective on financial independence.
[55:20] Grant’s essential advice for aspiring investors and how to get started with co-living.
HOST
Craig Curelop
📸 Instagram: https://www.instagram.com/thefiguy
📘 Book: https://store.biggerpockets.com/products/the-house-hacking-strategy
🏘️ Buy Real Estate: https://bit.ly/3V3QDze
GUEST
Grant Shipman
💻 Website: https://livingsmithpro.com/
📸 Instagram: https://www.instagram.com/livingsmithpro/