Good afternoon Biggerpockets!
Today I have a little dilemma I'm trying to solve. My wife and I would like to get into multi family long term cash flow properties and we found a great opportunity to purchase a triplex blocks from Akron University. Does anyone have any advice with renting to college students as we will not be managing the property ill have a company doing that for us? Will they destroy the interior of my triplex and is the cash flow worth the headache trying to get it rented out every semester? Any advice would be great!!
Anthony, I have experience with college kids in Akron. Their parents usually give them $$ for a damage deposit so require an above average one. Not all college kids trash places but some do.
On another note, I have a triplex and duplex in Akron I am trying to sell. PM me if you want details.
I have some one bedroom apartments about 1 mile from the student center which is kind of on the fringe of the school area but I prefer renting to young working peopIe who stay longer than students; though I'm always happy to get grad strudents. I talked to a guy at one of the meet ups a while back with 39 units near Kent State; he told me he turns over 80% of his units every year and 90% every two years. Having said that, the people renting to college kids rent out the bedrooms and get a boat load of money for each rental mostly guaranteed by parents. The closer you get to Grant the higher the crime is-- a landlord got robbed at gunpoint over there last week collecting rent (must be an old school guy..I only take online payment). Sumner street is party central; the kids throw beer cans out in the yards and the homeless pick them up.
Very good points to think about thanks so much for your response'.