Advice please first student rental - Posted by tim

Posted by Mitch on February 23, 2002 at 23:38:25:

Take time to learn your local laws regarding landlord/tenant issues. Even if you decide to hire a Property Manager, someone has to watch the PM. I agree with the previous post, always get the parents to co-sign.

Advice please first student rental - Posted by tim

Posted by tim on February 23, 2002 at 16:09:21:

Now that I got the house, I would like some input from anyone who has experience with student rentals.
What kind of lease agreements, problems encountered, what does landlord pay for usually (i.e repairs), how to get students to respect your house (if possible!) and to stay more than 1 year? And any other advice for a first time landlord dealing with students. Thanks in advance,

On the other hand… - Posted by OHSteve

Posted by OHSteve on February 24, 2002 at 07:44:34:

Hi Tim. Unlike Lor, I have had GREAT experiences with student rentals. I bought five units (two HUGE duplexes and a SFH in a package purchas). All units are 4 or 5 BR so consequently I have up to 5 students per unit! HOWEVER, they pay a premium rent and also…surprisingly…last fall several of the units were CLEANER, NEATER and WITHOUT DAMAGE…cleaner than they probably would have been if I would have done it! And I’m not exagerating.

Get co-signers from EVERY student’s parents/guardians. Get good sized sec deposits (and get them early on if you rent for fall). Mine have been pretty hands off and have been worth every bit of effort and money I have put in them.

Best of luck…Steve

Re: Advice please first student rental - Posted by Lor

Posted by Lor on February 23, 2002 at 16:53:29:

Sorry, but they are just not going to respect your house (in my experience). Be prepared for dart holes in the walls. I have a particular house near a college that rents to students and my property manager always has the parents co-sign and gets a decent deposit. I usually end up with a few holes in the walls and doors.