Anyone Own Student Rentals?

This is a discussion on Anyone Own Student Rentals? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Wifey and I have under contract two student rentals right next to the local university. This is our first time jumping into the rental game ...

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Thread: Anyone Own Student Rentals?

  1. #1
    Member Array ktm rider's Avatar
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    Anyone Own Student Rentals?

    Wifey and I have under contract two student rentals right next to the local university. This is our first time jumping into the rental game but the offer was just too good to refuse. So, we bought both units which were a package deal. the total is seven tenants all together.

    I understand the whole " college kids will destroy your rental" thing but is there anyone here on Defensive Carry that has rentals and could give some solid advice on how to be sure the lease is iron clad.
    Also, what about the pro's and cons of using a property management company? Any other words of wisdom? Thanks.

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  3. #2
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    Array WHEC724's Avatar
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    Having an iron clad lease is good, but the bottom line is that if they stop paying the rent, and you have to evict, it is hell. They usually dissappear around then, so collecting is a challenge and usually not worth the legal fees. Please forgive my pragmatism, but it is what it is.

    I haven't had the pleasure of leasing specifically to college kids, but you can tie each tennant to be fully and individually responsible for the rent, so if one of them skips, the remaining tennant(s) is still responsible. That should help your odds of collection.

    Unless you like getting calls at 3am on Saturday morning stating that the toilent won't flush, I strongly recommend using a property managment company. Mine usually takes half the first months rent and then skims 10% of each month after that. I find it well worth it, since they also handle the collections and it spares me all of the excuses. You'll also likely find one that specializes in campus kids and will have all sorts of tricks up their sleeves.

    I wish you the best!
    __________________________________
    'Clinging to my guns and religion

  4. #3
    Member Array Cattus Vir's Avatar
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    My wife's nephew does it full time. He is in "Hell Week" right now with repairs and move in coming up. Luckily he has a staff of very nice people that do a lot of the repairs, leasing and tracking down of skipped out tenants. I think his property is 117 units with all the amenities. I can not answer your questions but he mentioned a book called "Landlord Tenant Rights" stating that each state would have their own printed. He also mentioned a website called RENTLAW.com

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