Renting out to college students
Hi everyone! I live near a state college and found a fixer upper for sale less than a 10 minute ride from the college. I was wondering if anyone uses their rental property solely for college students. There seems to be so many pros to doing this with the property I found. Its literally a block from the main street which means its near transportation. There is a park and a library right across the street. Its a diverse, safe community. Everything is in walking distance (grocery stores, coffee shops, fast food, 7-11, Blimpie, CVS, Walgreens, Tire shops, Car mechanics, gas stations, small restaurants). They could even ride their bike to the school because there are safe bike trails. So I guess my question really is, has anyone found success in doing this?
Thanks!
Most Popular Reply
I agree with Ken. Here are a couple of my approach: My houses are immaculate as my promise is I wouldn't put anyones kid in a house I wouldn't put my own in (all three have lived in my houses). Parent co-signer a must; Leases are for one year (in SC we do Aug-jul); Rent to a group and the lease says that if someone leaves (graduates) they are responsible for finding the new rental or I will not renew the lease. I ask them in February for their lease renewals. I pay for a house cleaner every twp weeks to clean the common areas. This helps me get an eye in the house. The cleaner looks for damage; smoking and anything else she thinks is out of line. This costs me a bit but the peace of mind is priceless. Lastly I spend time with them making sure they understand that this is my house. You take care of my house I'll take care of you. I do tailgates; send cookies before finals; etc. So far so good for me!