All Forum Posts by: Russell Caraotta

@Patrick Shea I like that approach, a lot of merit to it especially re the time and screening. Thank you!

@Patrick M. Totally agree about knowing the area. I am from this section of the city and know it like quite well. Thanks for the suggestions and encouragement!

@Sinan M.I like your thought process! Thank you.

@jordon moorhead  Yeah, that's been going through my head, too. I left FB last year due to the security/political issues and really feel good to be free of all that stuff. I think I might bite the bullet here and join again! Thanks Jordon!

@Alan Grobmeier. That's on my list of things to do. Thanks, Alan.

I closed on a duplex in Buffalo, NY last week. The house (both upper and lower) was vacant, in great shape as the owner had done some minor updates to the flats. The numbers look great on paper and the rents I plan to ask for are reasonable according to Rent-o-Meter and what I am told by folks in the business. I placed an ad in Craigslist and scheduled an open house for Saturday and sat there by myself as no one showed. Seems so easy to get lost in the Craigslist shuffle.

I plan to place an ad in Zillow shortly. When checking out the competition in the area, I saw an ad for an apartment a couple doors away from mine...having been on Zillow for approximately 60 days. UGH! I am up for the challenge and considering including incentives that would vary, depending upon the duration of a lease I secure. Incentives might include free internet, free utilities for a few months, etc.

So my questions to you, my esteemed colleagues, are Craigslist and Zillow the most employed websites for posting available apartments - or are there others I need to include? What strategies do you use in order to find tenants quickly and how do you stand out in the crowd?

Many, thanks!

@Julie Kern Congratulations on your success thus far. And more importantly, to change the paradigm if it isn't producing they way you expected.

That is a GREAT story! Congratulations.

Cassi, thanks for your input. Are you basing your rents off of the traditional (i.e. non student) approach or are you using the college oriented higher rates?

And...are you renting single family homes or duplexes? If SFH, are you able to get a "kicker" for the added privacy of a SFH?

Many thanks again!

Greetings from snowy Western NY!

What is the optimal pricing strategy for off campus housing to a college student? I see two approaches:

1. If the student stays on campus, housing ranges from $7200 to $12,000 per year at state schools depending on the number of roommates and other "options". Included in the fee is internet, heat, electric and laundry.

2. However, if renting a 3/3 duplex to six students for $1200 per apartment (like in the non-student world), the total annual rental income is $28,800. Using the approach that colleges use (that is, charge by student instead of living quarters), the rental income for 6 students paying on average $8200 per year is $49,200.

Is anyone using the second approach successfully? Is it a valid strategy for off campus housing? Any other strategies? Thank you!