Are there any landlords and/or investors out there that focus on larger college or university areas with huge under grad and grad programs that provide steady tenants, advice, pros and cons of this approach to building cash flow ?
I no longer do this, but I had success with college students during my grad school years.
12 month leases (be open to sub leasing for the summer months)
Get the Parents to co-sign the ENTIRE lease
Treat the Students like adults
Don't mow the lawn before noon on the weekends :)
Communicate with them MORE frequently than normal tenants. The big one is to find out what they are planning on doing for the summer/next semester. College kids don't always have a long lead time into their plans. They might get an internship or study abroad program on short notice. Be willing to accommodate them.
Student housing can garner a great deal MORE than a comparable rental because they tend to go by the room. I owned in Troy, NY. We had 4 3x1.5 apartments in 2 duplexes. Rent MIGHT have been $700 to a family. We could easily rent them for $350/room to students. The leases end up looking the same (1 apartment for $1050) but our marketing hit on the $350/month aspect.
As tenants they aren't any better or worse than normal ones. They tend to be messier during their stay, but clean the places up nicely when they leave. They understand the ramifications of security deposits as well as anyone :)
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