Just a shot in the dark. But maybe the property would be suitable as a Short term (2 nites to 2 months) stay Inn/B&B for visiting professors and parents. Hire an Innkeeper instead? Most colleges only have cheap chain hotels and motels to stay in.
Don’t go with rentals to students. Not worth it!
If the house has any charm at all and you can fix it up real nice it might work.
Again, just a shot in the dark not knowing much about the property…Good Luck
New here----What do you think of this??? - Posted by Jeff M.
Posted by Jeff M. on February 07, 2001 at 15:54:43:
Just entering into this realm so feel free to hand me any advice.
I am looking at a 8 bedroom 3 bath home that is in need of some TLC. They are asking $109000 and the realtor thinks it would be a great Bed and Breakfast.
Its in a college town and about 10 blocks from the school and 1 block from the Main road in town.
I am thinking of buying it and renting it out to college students. I realize that they are notorious for tearing places up but I thought if I could find one responsible student they could live free or at a reduced rate and manage the others.
Am I totally in left field? Comments? Suggestions?
You Will Buy Yourself A Job - Posted by phil fernandez
Posted by phil fernandez on February 07, 2001 at 16:03:52:
Jeff,
Years ago been there, done that. My advice, don’t do it. You will be chasing down the rent all the time. There will be calls from the police due to noise complaints. There will be constant unauthorized move ins and move outs. You will have a full time job that you will hate.
One responsible student to manage. No way. The others will overwhelm the manager.
Reminds me of a FUNNY story…(racy) - Posted by Ben (NJ)
Posted by Ben (NJ) on February 07, 2001 at 17:09:23:
There was an elderly couple who lived near my college who rented out the top floor of their house to students. The old man had never had any problems except with one guy who constantly had girls sleeping over, rowdy partying, music etc. The student’s room also happened to be right over the old couple’s bedroom. The landlord began to complain but the student just got worse and worse until one night he and his girlfriend purposely had loud, screaming headboard pounding sex in the middle of the night RIGHT OVER the old couple’s head! The old man went OFF! He threw his stuff out in the street and locked him out. Ultimately, the student sued and won $1,000 for unlawful eviction. That made for some good dormitory gossip!
Re: You Will Buy Yourself A Job - Posted by Jeff M
Posted by Jeff M on February 07, 2001 at 16:25:23:
Thank you for your timely response and opinion. There are a couple of other situations in town that mimic this property. The town I live in is huge for rentals because of the college but along with that comes problems.
The other option is to purchase single dwellings and either scrutinize each applicant or rent to the college crowd.
Many I know profit quite well from them but they also have their fair share of problems.