All Forum Posts by: Eryn Garcia

Need more info.

Are both accounts at the same bank?

Is there a pre existing loan with that bank with either of you?

Did anyone in one of the accounts die?

No way they froze both accounts with no explanation.  What did their Fraud or Audit department tell you?  I could see no respond if 1 or 2 days.  But sounds like weeks.  Some piece of communication is missing.  If no response contact the State Banking group and get them involved.  

@Eryn Garcia  they comment on Quiet.  for individual room rentals  I don't think work from home is big and for multiple room rentals I might try to avoid it but gamers loved having a desk too and decent internet speed. How many rooms are you planning to rent since you mention a sauna, hot tub, and exercise equipment? that seems more vacation like.

Something I HIGHLY recommend is having a suitable work from home set up. In all of my units I include a private workspace that's in a room with a door that closes (important for video calls), a comfy desk chair, monitor, keyboard, mouse, and hdmi cables. A king bed is also a HUGE plus. I am working on adding king beds to my units that allow them. 

I don't think a sauna and hot tub are necessary for a MTR. You won't be able to charge a premium for these items like you would if it was a STR.

@Eryn Garcia

Investing in student rentals can be a lucrative strategy, but it comes with its own set of pros and cons.

Pros:

1. High Demand: College towns typically have a consistent demand for rental properties, ensuring steady occupancy rates. Students need housing year-round, and new students arrive each academic year.
   
2. Higher Rents: Student rentals can often command higher rents per bedroom compared to traditional rentals. You can rent by the room, which can maximize rental income.
   
3. Parent Guarantees: Many student leases involve co-signers, usually parents, which can provide additional financial security.
   
4. Low Vacancy Rates: Due to the high demand, vacancy rates tend to be low, especially if the property is close to campus or in a desirable student neighborhood.
   
5. Flexible Lease Terms: You can structure leases to fit the academic calendar, which means you can adjust rents annually based on market conditions.

Cons:

1. High Turnover: Students typically stay for shorter periods, leading to higher turnover rates. This means more time and money spent on marketing and preparing the property for new tenants.
   
2. Wear and Tear: Student tenants may not take as good care of the property, leading to more frequent repairs and maintenance. This is something to budget for when considering this type of rental.
   
3. Management Intensity: Managing student rentals can be more hands-on, requiring stricter lease agreements, regular inspections, and sometimes dealing with noise complaints or other issues.
   
4. Seasonal Vacancy Risk: There’s a risk of vacancies during summer months unless you find tenants who stay year-round or offer summer sublets.
   
5. Zoning and Regulations: Some college towns have specific zoning laws or regulations regarding student housing, so it’s crucial to be aware of these and ensure your property complies.

Tips for Success:

• Proximity to Campus: Properties close to the university are more desirable and can charge higher rents.
  
• Furnishing: Consider offering furnished rentals as students often do not have their own furniture.
  
• Strong Lease Agreement: Have a robust lease agreement that includes clauses for damages, noise, and other common issues.
  
• Hire a Property Manager: If managing the property becomes too time-consuming, a local property manager with experience in student rentals can be a great asset.

Overall, student rentals can be a profitable investment with the right management and location. Weigh the pros and cons based on your investment goals and capacity for property management. Good luck!

Hi @Eryn Garcia I created a post here on some pros and cons!

https://www.biggerpockets.com/forums/48/topics/1187121-stude...

@Eryn Garcia

Pros are that students generally have consistent income from loans, parents, grants. They also turnover every few years allowing you to fix the damage and raise rents. Renting to students in majors that are study intensive (STEM) can cut down on the damage and engineers like to fix things. You always have a demand for renters. 

Cons are the increased damage.  This can happen with non-students as well. There is also the exit when you sell the property if it's in a heavy student area you are may limit your selling pool to other investors.  

Look at the plan of the university as well. If they are planning on adding hundreds of new student housing units that could decrease rents for a few years. 

If you use the search function, there are a number of threads on this.

Pros-you can rent by the room and make more money

Cons-students are often less experienced at living on their own and may do things that result in repairs (eg wrong soap in dishwasher), higher turnover, more calls to deal with things, higher chance of parties.

If you do it, you may want to get a cleaner in once a week to clean common areas (students clean their own rooms and keep the place tidy, wash their own dishes) and you will need to get someone in to take care of the yard.