Student Rental This Summer

[Sarah 'Sadika' J.]

Hello,

I'm purchasing a investment property to rent to student in VA. It's my first time buying a property so I'm a bit nervous as I have heard of horror stories dealing with students. What are top three tips you can offer regarding renting to students?

Also, I'm still searching for properties and I hopefully find it soon (1-2 weeks). Am I too late for buy and put the house on the rent for Fall 2015 students? (Also, I'm going through a Property Management company to take care of the leasing and management aspect of it). Any recommendations on how to deal with a PM company?

Thank you so much.

[Account Closed]

I've written quite a few posts about renting to students.  Perhaps you can search my name to find them.

But first, learn the VA landlord tenant laws yourself. Then, manage it yourself. Keep that money for yourself. Find repair people you can call when necessary.

Check out this website for landlord books.  I believe their lease book has an option where you can fill it out online and choose the state it's for.  They're great. Written by lawyers:

http://www.nolo.com/products/landlord-tenant/landl...

Target grad students if possible.

Yes, you will absolutely be able to rent them at the last minute. There are often students who were approved last-minute, or they are international students who came just before school started, who need a place right away.

There is also a market for short-term summer rentals to students who come to do summer internships.  

I also advise you to do month-to-month rentals.  Easier to change rules, kick out bad tenants, raise the rent, etc.  

Even if you get a PM, you will have to manage the PM. The best way to do that, is to know as much or more as them.  Knowledge is power.  It also can save you a lot of money :-)

Good luck.