Posted by dimpil on October 23, 2003 at 08:51:26:
Well it’s for obvious reasons. No hanky panky, no out of line behaviour that could turn into ‘rape’ and such.
College Housing - Posted by Armon
Posted by Armon on October 22, 2003 at 21:53:03:
I have been following this board for the past two weeks and it’s the best thing I’ve come across.
Along with section 8 housing, I’ve also always been interested in college housing. I always think of college housing as a potential low risk RE investment possibility. This is why:
1- There are always demand for off campus housing
2- The monthly rent is almost a sure thing, especially since the agreement will need a signature from mom and/or dad (I remember my college days and how I needed my mom/dad as a co-signer)
I’m not blind to the fact that the place can be used as a party nest and this may be a huge negative.
Does anyone have experience with renting out their property for college housing. Would appreciate any feedback/opinion.
Thanks,
Armon.
Re: College Housing - Posted by rm
Posted by rm on October 23, 2003 at 21:31:00:
I always think of college housing as a potential low risk RE investment possibility. >>
I have heard otherwise.
Best to check with people actually in the field.
I have a friend who used to be a PM for a company that rented to college students. Lots of stories about scams, and scamming the scammers.
Re: College Housing - Posted by eric-fl
Posted by eric-fl on October 23, 2003 at 16:57:59:
You may want to search the archives on this, there’s a lot of good information, including some posts of my own. My posts on this topic generally follow the “if only I knew then what I know now…” bent. I would definitely recommend it, with all the usual caveats, of course.
Re: College Housing - Posted by Anne_ND
Posted by Anne_ND on October 23, 2003 at 12:54:24:
Armon,
There are usually zoning laws that state how many unrelated people can live in a single family house at the same time. In my town that limit is 4. There also has to be enough off-street parking to support one car per person, so a 4-bedroom house has to have 4 off-street parking spots.
These kinds of properties do tend to require greater management because students can come and go quickly, so you will be constantly advertising, showing and cleaning the place.
They do generate nice cashflow though, and one way to get the cashflow with fewer headaches is to rent the whole house to a group of students who are ‘jointly and severally’ responsible for the lease. You get greater accountability, more stability and can get the best rent, especially if the house in relatively nice and has amenitites such as washer/dryer.
Check your local zoning laws and be sure to do credit checks on everybody!
good luck,
Anne
PS- it is legal to discriminate on the basis of unprotected classes, for instance, you can refuse to rent to lawyers or law students (except in NYC). This is not legal advice by the way.
Re: College Housing - Posted by E.Eka
Posted by E.Eka on October 23, 2003 at 08:21:04:
Obviously this is against the law but only rent to women. Or graduate, law, or med students. They don’t have time to party.
Re: College Housing - Posted by Dimpil
Posted by Dimpil on October 23, 2003 at 05:32:21:
Not first hand experince, but observation.
I took a co-worker who was a college student to move into her new place. Her new place, a huge house, was like a boarding house. Each student had their room they rented, community bath 3 1/2, kitchen and living room (I think the living room was a study as it was small for the size of the house. If I remember correctly she paid $250 per month and there were 8 students living there. They had rules about clean up (which room # did what on what day, wk etc.), good sturdy doors with locks.
The guy had been doing it for years for one of the local colleges and had a live in manager, an senior citizen who lived rent free to help manage the issues that arose. He’d only rent to all females.
Pretty good income if the house is purchased at a good price, not refinaced to the hilt and repairs are not too costly since it is an older home.
O yeah, he did have central heat and air.