I'm looking at adding a second property to my portfolio and came across a townhome in college park md. The house is currently already rented thru July 2017 by four college students. The cash flow potential is very attractive and the townhome is at a good price.
My question for all the landlords out there is college rentals worth it? The townhome being so close to the university will help with renting it consistently but wanted to see if other landlords had issues or advice on the subject. Any horror stories or positive experiences will be much appreciated and help me make my decision.
I'd have no qualms about buying in College Park.
Agree with @Russell Brazil . You shouldn't have any problems with finding tenants for your property. If the renters are students, I would recommend having their parents co-sign the lease as well. Good luck!
I agree with @Russell Brazil . College Park is a prime location for rental properties. Also @Mona McKenzie is also on point about the co-signing of the lease with the parents. That's an added protection so little Jimmy doesn't go buck wild.
It will be very easy to keep your property occupied given the location and the university. It's almost a buy and forget it type of deal. Having gone to a school where housing was a major issue I'd say you have a winner.
@Thomas Giganti In my opinion the first renter will set the tone of the overall nature of the renters involved in the property. So a properly qualified tenant is a must. Absolutely have the parents co sign the lease unless of course they are financial independent, which is relatively rare for a college student. Try not to over improve the condition of the property, as college kids will be kids and undoubtedly through the occasional party, and generally have less respect for property (I did). If you wish you may stipulate a occasional visit by a handyman to assess the condition/perform landscaping/ appliance maintenance, and note any noticeable negative changes to the condition, to make sure the property is kept. There will no problem (imo) that it will be easy to rent at a competitive price. I would agree with every thing all previous posters said with the exception of "buy and forget" that can cause issues if the tenant has little respect for real estate and maintenance. Make sure to have a property manager or yourself check on the property on occasion. Write that into the lease. Give 24 hrs notice. Hope this helps. I am not and veteran expert by any means, but I own commercial rentals and have had issues in the past. Learning experiences, the whole 9 yards.Learning from a website is much better then learning from personal negative experience.
thanks everyone for your input. I'm going to look at the property this morning. Fingers crossed!
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