So i would like to know some pointers and thoughts on buying houses close to a college to rent to students.
- what are things to look for in a house
- what are things to put in in contracts
-any other advance on the subject
College rentals can be lucrative because they rent by bedroom (market dependent). This also means that if one of your students does not pay, you are not losing your entire month's rent, just a fraction of it. When I look for college rentals, I look for the maximum amount of bedrooms in the home. MOST college kids can find 3-4 other people to live with making a 4-5 bedroom home fantastic, even a duplex could become a big win. There is also less of an expectation (again market and school dependent) on how much the property needs to be updated. Most students do not expect to live in a brand new renovated home.
When doing a lease, Co-Signers are a must. Make sure there is a backup payment plan for if a student cannot pay rent for the month.
@Karl McGarvey thank you so much for the advice i will make sure that i do put the co-sign in the agreement.
Hi Michael, I know that when I was renting as a college student my landlord always made us pay 6 months of rent at a time. Might be something to consider!
@Erin Byrnes thanks i never thought of that i will think about that