WSU

9 Replies

Anybody renting property by the bedroom around WSU?  

Originally posted by @John Henderson :

Anybody renting property by the bedroom around WSU?  

 Not yet, but it's on our radar. How have your experiences been?

@Elliott Burris Like you I have interest in it but haven't found the right deal yet.  How did Wichita com across your radar?  Are you a former native?  

@John Henderson

I'm not sure that would be a good idea...are you talking about doing this with single family homes? Think you'd be creating more problems for yourself than it's worth...there already is a successful similar model (2909 Oliver Apts) that does this and they have plenty of amenities to make "dorm like" living appealing.  Any house close to WSU is not going to offer this unless you build it or purchase one of the large estate homes near 21st/Oliver on around the pond.

Originally posted by @John Henderson :

@Elliott Burris Like you I have interest in it but haven't found the right deal yet.  How did Wichita com across your radar?  Are you a former native?  

 Got it.  We've identified a few deals in the area that would be interesting -- perhaps we can chat about them.  I'll PM you.

Not a native, and not naturally familiar with the area.  Our models have identified it as an area worth further exploration.

I agree with both of you. Shane has some great points, however I think 2909 Oliver is expensive for what you get and it has the apartment feel - not a "home" feel. I've had multiple friends live there and it's the feedback they've given.

Elliott - I think housing around WSU is going to drastically change. An apartment complex at 17th & Hillside was just sold and is going to be re-developed into a "smart/green" community. As for SFH, there are a lot of bad neighborhoods around WSU that raise concern. With WSU having such a large international student base, there is a need for housing close to campus. I'd be interested to hear what your thoughts are.

I don't think you would be causing any problems for your self turning a SFH into student rental, i am not from the area and i don't know it. I am just putting my 2 pennies into the pot. i have a SFH in PA that i rent 4 bedrooms to students and another home that i was able to convert to a 2 family so i have 8 bedrooms in that one i rent, student rentals can be a good source of income. just make sure you price it right, offer some amenities and pay attention to what the school is doing,

I have an example of what i mean, the college i invest by just did a ton of work to the school, and added a lot of housing, its a slow growing school. when they did the building there was a report they did that i found online, stating that even with the building they felt there would still be a need for outside house as there wouldn't be enough still. fast forward 3 years, maybe because more students were renting in town and not their housing, they just mandated thuis year that all freshman and sophomores must live on campus. puts a blow to the town and the rental properties. i haven't bought more, but i haven't sold either, after rehabbing mine, they are better than a lot in town.

@Tyler Nepote You have hit on some very good points about 2909, and the ever changing plans for the area.  One key thing about this school vs some others is the engineering dept., which draws in many international grad students all that are looking for places close to campus.  A lot of head down and study type kids. 

@Patrick Liska It sounds your plan is in action and is working well for you.  How do you do the leasing?  I have heard about each room gets its own lease and must have good credit or have parents cosign.   Also do you run potential tenants past current tenants?  And finally how do you handle the gender situation?    

Thanks all for your comments all are very appreciated for sure.

 John, my properties are out of state and 3 hours away from me, i have  PM that takes care of leases, collecting rent , screening and maintenance. you can lease by the room, we also get a group of 4 that get together and rent the whole house, so its one lease in that case. piece of advice, if you hire a PM make sure you are not charged a signing charge by the lease ( 4 bedroom house ) when you can get groups, sign an agreement as to so much for the house for the year  - group of 4, one lease with signing cost of $300, 4 individual leases @ $300 = $1200, so sign an agreement to signing agreement for one price. i caught that one and fixed that right away.

 We only rent to them if the parents co-sign, no exceptions. as far as gender, nothing you can do, that would be discrimination, unless if you own the house and your daughter / son lives there, then you are allowed to pick what gender lives in the house with them.

 we do not run potential tenants past current tenants, if they are renting a room individually they go in knowing that the other rooms will be rented to different people, you are in the business to rent and not match make, that being said you don't want problems in the house either but you don't want to loose a renter because one person doesn't feel like they will dislike someone. I had my daughter in my first house i bought, she didn't want any guys to rent, and i was able to rent to just females, but i told her she had no choice in who rents the other rooms, unless she had friends that wanted to rent and she understood that, so i put my own daughter through that.

@Patrick Liska Thanks for the great information and saving me some pain from mistakes.  With international students this could present a new challenge to overcome with a cosigner, but something to figure out.  

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