I am looking for some feedback on my first single family home deal.
I am looking at a SFH that is within walking distance from the local university here in Myrtle Beach SC. Based on my preliminary analysis of the deal, it looks like a strong prospect that should generate a solid monthly cash-flow. The community is a working class community with a mix of college renters and long time owners. It is surrounded by college apartments, the college itself, and a few local bars.
My question involves the strongest potential tenants that will use the property, college kids. Looking for advice on how best to screen, what to look for, and how to deal with land lording to the college crowd?
Anybody have any advice they wish to bestow upon a newbie?
Don't believe anything they say or write, get their parents to co-sign and screen the parents just like a tenant.
@Matt McCourry college rentals are a special market. I would first look at the area and see if there are local regulations (unrelated people in a house, drinking or party related noise ordinances, laws on registering rentals). As a landlord you need to be familiar with these comply with them and have lease clauses to support them. Know the community issues for rentals in the area and address them in your tenant screening and selection.
Look around the forums for some information on student rentals , there have been a lot of discussions. It will help you know what you are getting into.
I like a single lease all tenants, co-signing and feel screening them via social media is probably your best defense against bad tenants. There are alot of soft criteria. I look for serious majors, kids that did not grow up too close (you don't want the entire local high school coming to your house) and at least sophomore status. No smokers especially if you rent furnished.
I would advise listing your property on the university website for rental early in the local rental season gets you the best tenants, for us at URI that is now-January for next year but it may be different in other areas that don't have a separate summer rental market. Good luck
Dick, Great tip man, will certainly look for parents co-signatures.
Colleen, thanks for the valuable feedback, I will certainly be using this as criteria when screening potential tenants.
Based on ya'lls experience, what should be the minimum credit score I should look for? I am getting mixed answers on this....
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing