Ryan Stohl is the CEO and Co-founder of Lumi, a company focused on solving student housing problems in Miami FL. In this episode, he joins JP Will from the Roofstock Business Development team to discuss the problems he is solving in this sector and how he is able to provide more affordable options for students seeking housing while bringing in greater returns for the property owners renting to students.  

Learn more about this project at www.Lumi.house  

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Transcript

 

Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Pierre:

Hey, everyone. Welcome to the remote real estate investor podcast. My name is Pierre Carrillo. And today we have a different kind of episode. I was at the IMN conference in Miami last week. And we got to sit down with Ryan Stohl from Lumi. They have a unique approach to student housing. So we have our team member JP Will sit down with Ryan and talk about what problems are solving in the industry. Let's just jump right in.

 

JP:

Hello, everyone. Welcome to the Roofstock Podcast. I'm JP Will I work for rootstock? I'm on the business development team. We're here at the IMM conference in Miami at the Loews hotel, and sitting with me is Ryan Stoll, founder and CEO of Lumi. House. So, Ryan, first question, just want to let everyone know who you are what your businesses so just let the viewers know what your business model is and how you came up with this idea and why you're at the IMM conference.

 

Ryan:

Great. Thanks for having me. So living on campus has its own issues, right for students, they're outdated, they're cramped, they're inflexible. And living off campus can be challenging for students also. You have to find your fourth roommate split bills, find furniture or decide who cleans and when I was in college, we never clean it was a biohazard. So what we do is we give students a better alternative. We take single family homes, and we rent them out room by room to students in an all inclusive package. So it's taking the CO living concept that's become very popular in the multifamily space. And now we're moving into the single family space and focusing directly for students.

 

JP:

Awesome. And and what what problem are you currently solving? I know if, if you're reaching out to these mom and pop investors, what problem are you sir solving? Why would they be using Lumi House? Is it because you're driving up revenue? Or is it just a better model for what they're looking for? If they're closer to a campus, etc,

 

Ryan:

Right. I think it's two things. One is more revenue and also less headaches. For for the typical landlord have a four bedroom, five bedrooms, single family home, they will rent it to a family because it's difficult for them to rent out each room individually sign multiple leases, or even do the marketing. So there's an implied discount there. Whereas with students, they're typically willing to pay more to live in a dorm or off campus. So as an example, you know, we have five houses around the University of Miami as our proof of concept. And for students, it cost about $1,900 a month to live in a dorm on campus. And and living off campus. You know, if it's a new private student housing, one bedroom, the cheapest one that I found is 2500. And now certainly there are cheaper, traditional shared apartments but but then you look on the landlord side of a four bedroom house in Coral Gables, you'll see those being available for 4000 or slightly more than that per month.

 

So there, there's an implied per room rent price of $1,000 a month, but yet we know students are going t