All Forum Posts by: Jennifer Matsumoto

Love this advice.... Thank you so much!

@Michele G. Thank you so much for your feedback that is great to hear. 

What types of flooring do you use?  If the bathroom is the old style bathroom with Pink Tub and Pink sink to match...would you just keep that and paint around that... or would you change that out? I know its a different market but would love to hear what you do for your student rentals. 

@Will Gaston  Thanks so much for this post this was just what I was looking for. a few questions:

1. I know you said that you don't have parents co-sign. How do you verify the creditworthiness or ability for the students (or their parents) to pay the rent? How do you find out their parents occupations (i.e you mentioned some parents were Lawyers) if the parents are not filling out applications?

2.  When purchasing and getting the home ready for rent.. many of the homes in the college towns in our area are built 1900-1930s.  There are a lot of properties that have additions that are not permitted (I.e. Bathrooms or bedroom add ons). Would you spend the time to bring those houses up to code and have them permitted? Or would you just fix it up nicely and rent it out as it is? Id love to hear your thought on that. 

Thanks again for your time!

@Matt Inouye

I am looking into purchasing a SFR very close to a University in Orange County. Since the college students value their own bedroom, having a laundry room, and ample parking.. they are willing to pay higher rents than what most of the other SFR in the area would rent for.

I'm looking for tips from other investors that have properties that they rent to College students. (i.e. basic rental terms, requirements on co-signing, any things to look out for, etc). 

Another item I am trying to figure out... This property needs  A LOT of work.  We are trying to figure out if it makes more sense to save some money on the rehab and just do the basics and musts.... (like leveling the floors, patching holes in walls, changing out the broken windows, painting and moderate Kitchen remodel, skip the permits on the remodel etc) .  Or should we fully update (look into getting unpermitted bathroom permitted, taking down walls, adding new floors, fully remodel all bathrooms and kitchen, permitting all remodel areas).  The cost difference seems to be about $40,000 and the rent difference LOOKS like it is $3700 with a basic remodel... to $4200 to a full remodel.  Is it worth it?  Will the college students really care that much with a upgraded home (or are they looking more at the prime location and convenience?) This property is closer in proximity to the school than some of the other nicer properties that the students pay $4200 for.

Any thoughts and tips would be helpful!!

Thanks, 

Jennifer 

Thanks for posting. I was wondering the same thing. 

Thank you for your response. I called a company today (but they only Service Northern CA) and they said it was about $280-$320 a SqFt. But didn't know if that was Bay Area prices or prices in general.

I'm currently doing a rehab on the front house, and the city allows for a ADU. We are looking for a long term buy and hold... so I wasn't really too worried if the value isn't as much for resale.

HI BP Community!!

We are in the process of purchasing a house with a 6300 lot. Per the city we can add a ADU onto the back. This property is perfect as it has a driveway in the front, and then a back alley in the back that will allow for a garage and an ADU. I wanted to see if anyone has any ideas of what the cost of adding a ADU should be per SqFt in Orange County.

Someone also said that it may be a good idea to look into a Pre Fab ADU and that may be less expensive. Does anyone know how much a Pre Fab ADU would be? Any good recommendations for a Southern California company?

Thanks in advanced. 

Jennifer

Yes would love to find a good agent in this area as well! Do you currently own property there?

@Terry Lao 

@Bill B.

Thanks so much. This was so helpful! 

@Nick Montelli Hi Nick. Welcome to Bigger Pockets. Its so great that you are getting started right away. I'm in the area and sell a lot in Tustin, so let me know if you ever have any questions!