Student Rentals (by Johnny B. [MA]) Jan 3, 2020 1:31 PM
Student Rentals (by WL [CA]) Jan 3, 2020 1:36 PM
Student Rentals (by Johnny B. [MA]) Jan 3, 2020 1:37 PM
Student Rentals (by myob [GA]) Jan 3, 2020 2:33 PM
Student Rentals (by WMH [NC]) Jan 3, 2020 4:42 PM
Student Rentals (by Pmh [TX]) Jan 3, 2020 5:40 PM
Student Rentals (by RentsDue [MA]) Jan 3, 2020 6:37 PM
Student Rentals (by Robert J [CA]) Jan 3, 2020 7:33 PM
Student Rentals (by WL [CA]) Jan 3, 2020 8:35 PM
Student Rentals (by fred [CA]) Jan 3, 2020 8:52 PM
Student Rentals (by elliot [RI]) Jan 3, 2020 9:58 PM
Student Rentals (by Smokowna [MD]) Jan 3, 2020 10:52 PM
Student Rentals (by Nicole [PA]) Jan 4, 2020 8:22 AM
Student Rentals (by Nicole [PA]) Jan 4, 2020 8:25 AM
Student Rentals (by Nellie [ME]) Jan 4, 2020 1:18 PM
Student Rentals (by RentsDue [MA]) Jan 4, 2020 10:01 PM
Student Rentals (by elliot [RI]) Jan 5, 2020 7:25 AM
Student Rentals (by Johnny B. [MA]) Jan 5, 2020 10:13 AM
Student Rentals (by Johnny B. [MA]) Posted on: Jan 3, 2020 1:31 PM Message:
Rich in PA has a similar post but mine is a bit different. I’m loosely considering buying a multi family that is used as a student rental. LL pays utilities for all units. I have no experience with student rentals. For those that do student rentals and traditional rentals, what are some of the key differences? Pros/cons — which do you find more labor intensive? Are there unique things that you look for in the building itself when buying a student rental? Do you typically rent by the apartment or by the room? --24.147.xx.xxx |
Student Rentals (by WL [CA]) Posted on: Jan 3, 2020 1:36 PM Message:
You might want to watch "Animal House" on DVD and get some pointers from Otter . . . "You fxxked up! You trusted us with (your rentals!) --174.65.xx.xxx |
Student Rentals (by Johnny B. [MA]) Posted on: Jan 3, 2020 1:37 PM Message:
Reasons I’m considering branching out into this area 1) I think management may be less time consuming than dealing with rentals in lower income areas where I currently invest, 2) I feel that with a good location filling the units with good kids wouldn’t be too difficult, 3) tenancies would be predictable and on a routine cycle. Some of the downsides I can think of would be potentially more wear and tear, and paying utilities. --24.147.xx.xxx |
Student Rentals (by myob [GA]) Posted on: Jan 3, 2020 2:33 PM Message:
I wouldn't for the following reasons: 1) too time consuming and dealing with rich kids. 2) tenants in good locations expect too much and kids are way too difficult to deal with 3) unpredictable tenants- quit scholl have boy or girlfriends move in and OH the party's and cops. Up side less wear and tear since there only there 8 months-- rather than 12. --99.103.xxx.xxx |
Student Rentals (by WMH [NC]) Posted on: Jan 3, 2020 4:42 PM Message:
Last convention and this upcoming retreat, Jeffrey has invited Dixie (? last name forgotten) who specializes in Student Rentals and is the BOMB with info on this subject. LIke anything, it takes checklists, expertise, plans and rules. But it can be doe. --50.82.xxx.xxx |
Student Rentals (by Pmh [TX]) Posted on: Jan 3, 2020 5:40 PM Message:
I have rented houses to students for 25 years. I do not rent by the room. first year students have to live in the dorms or with family. by second year most have the partying out of their system. I do joint & severally liable leases. if a student leaves the remaining students have always found a replacement (subject to screening & approval) I have never had to evict a student house. many co. owned apt complexes in this city of 2 universities. that is what you will be up against. they have all the amenities-fitness room, pool, cyber cafes, organized parties, free wifi, etc etc. --107.77.xxx.xxx |
Student Rentals (by RentsDue [MA]) Posted on: Jan 3, 2020 6:37 PM Message:
I have experience with student rentals. I do not rent by the room and do make the lease jointly and severally also. The wear and tear isn’t much different than a normal rental. The outgoing tenants usually have plenty of fellow students ready to rent it once they leave . --71.10.xxx.xxx |
Student Rentals (by Robert J [CA]) Posted on: Jan 3, 2020 7:33 PM Message:
It does not matter what you put in the lease or which parent co-signs the agreement. Kids will be kids with friends that visits as dumb as nails....brain dead! Drinking, pot, drugs and parties....
In one of my student rentals, a 3 bedroom apartment near to UCLA in Los Angeles, I had 4 male college students. Two shared the master bedroom and the other three had smaller bedrooms of their own. Within no time at all these guys started to rent out sleeping space in the living room, dinning room and outside patio. Guys, girl friends, parties all of the time.
I gave them a 3 day notice to perform or quit. Only a few moved, the rest I had to evict. The damages were over $10,000. With my judgement I went after the parents that didn't co-sign since they supported their college son, his source of income from their parents.... --47.156.xxx.xxx |
Student Rentals (by WL [CA]) Posted on: Jan 3, 2020 8:35 PM Message:
You collected from parents "that didn't co-sign"? How is that legal? --174.65.xx.xxx |
Student Rentals (by fred [CA]) Posted on: Jan 3, 2020 8:52 PM Message:
I say don't buy.
Rule #1 in renting: You must be 20 mins or less from your rental.
Cross this rule, and you lose money.
Then there are additional rules, but do you really need to know them now? --99.59.x.xxx |
Student Rentals (by elliot [RI]) Posted on: Jan 3, 2020 9:58 PM Message:
Johnny, I started with student rentals (only way to cash flow at that time). Every June 1 was like a war.. some years I had to turn over 6 units in one day (couple days).
Dealing with students and their parents, the money is good, nothing else good.. (Certain states on east coast have the most entitled spoiled student parents)..
Unless you are near some college whose supply/demand is severely skewed and you can make a killing, not worth it.. --68.227.xxx.xxx |
Student Rentals (by Smokowna [MD]) Posted on: Jan 3, 2020 10:52 PM Message:
Student rentals have many benefits. One is dealing with students you are dealing with people who are alive and thinking of bright futures. A stark contrast to the washed up mess that normally will try to rent your home.
If you step up to grad students, or transfer students then you really hit the jackpot in that your home will be like a library on a slow night.
A student rental home around here can rent for $3,000 whereas the same home rents to a family for $2,300. (There are plenty that rent for four and five grand a month as well).
However, times are changing and you do have to worry about what the business will look like ten years down the road. More and more students do not want to sign a lease together with their friends. They don't know how to manage money and utilities are becoming a difficult problem. More students want the utilities included as they have a hard enough time managing life, multiple bills is over their heads. This includes NASA interns.
If the property you are looking at provides private baths, this is a big plus. The fancy gym and the in-house coffee bar comes at a high cost. Students tire of those things and they long for having a home to come home to and relax in quiet. Most likely you will find a good niche, the furnished apartments set the bar very high for pricing. ($900 a room is common). You need to be walking distance to class, have some sort of charm in the house, be-it through colors or great WiFi. Cheap white rooms won't fly
--74.96.xxx.xx |
Student Rentals (by Nicole [PA]) Posted on: Jan 4, 2020 8:22 AM Message:
... many co. owned apt complexes in this city of 2 universities. that is what you will be up against. they have all the amenities-fitness room, pool, cyber cafes, organized parties, free wifi, etc ...
Disclaimer - I have never rented to students ... nor do I intend to.
PMH is absolutely correct about the corporate owned housing run in conjunction with the schools. Here, they are all old converted factories. the kids who want to live in "houses" are the partiers or the ones who have been tossed out of these upscale units. Also,, where I live, there is are constant a HUGE issue between the city, the landlords and home owner neighbors ... with the kids only being tossed into the midst when someone ends up in jail or the hospital - otherwise, it all falls on the landlord. --72.70.xxx.xxx |
Student Rentals (by Nicole [PA]) Posted on: Jan 4, 2020 8:25 AM Message:
also, when my oldest went to school, we had to cosign the lease so that if there were damages, we paid (thankfully we didn't have to ever pay anything).
There are a lot of good kids out there - there is little screening you can do to figure out who they are. --72.70.xxx.xxx |
Student Rentals (by Nellie [ME]) Posted on: Jan 4, 2020 1:18 PM Message:
We live on site and have mixed housing. Some students, some grad students, medical interns, new teachers, waitress, etc.
We are careful with our screening making it clear that this is not party central. We look for tenants who will respect the other tenants, pay rent on time and not damage the property. We have written a quiet time into the lease (after 11pm) so as to be courteous to fellow neighbors as the lots are small. We find that we have a bit more issues with students from one college than the other. They tend to be more entitled and privileged so more of an attitude. This was the source of our pit bull ESA when they arrived in the fall. --70.20.xx.xxx |
Student Rentals (by RentsDue [MA]) Posted on: Jan 4, 2020 10:01 PM Message:
As someone who has real life experience with student rentals, I just want to clear up a misconception. The students who choose private housing over the converted factories and corporate dorm buildings aren’t doing it because they have been kicked out of those places.....they are choosing the better ( and cheaper) option for them. I’ve run countless student applications for private housing and not one of them was for someone who was kicked out of a dorm situation. Have you ever walked through one of those? The rooms are tiny and some people don’t like to live in a group setting. Johnny, You already deal with tenants so you can deal with college kids. Yes, they do dumb things. The difference between them and my other tenants is that they only do the dumb thing once and then they learn from it. --71.10.xxx.xxx |
Student Rentals (by elliot [RI]) Posted on: Jan 5, 2020 7:25 AM Message:
RentsDue, love your response..
I would say, every market is different.. I remember the student housing Queen presentation at last year convention.. That's because she picked the neighborhood where the college needs more off campus housing than they can provide.. Her housing are all small ones, not loft or high end..
Know your market.. --71.184.xxx.xxx |
Student Rentals (by Johnny B. [MA]) Posted on: Jan 5, 2020 10:13 AM Message:
Thank you all, I appreciate the feedback. I will continue to research this area as a potential future expansion opportunity. --24.147.xx.xxx |
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