All Forum Posts by: Will Gaston
Will Gaston has started 83 posts and replied 1649 times.
Post: Nearing 1,000 College Student Tenants: Here's what I've Learned
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
@Christos Kappatos nope they can stay (or leave if they want).
The reason that ~all kids are mostly cool with it is because they had to tour houses while pre-leasing too.
It's a necessary part of this business.
Post: Nearing 1,000 College Student Tenants: Here's what I've Learned
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
Quote from @Josh Cissell:
I'll echo Will here. I've been in a small college town for 17+ years, and messing up your leasing cycle can cost you thousands.
Pre-leasing is a must.
All our leases go from August to July, even those without students. If it's a student property, we're prepping them with renewal rates by January 1, and they have to renew by February 1 (for a lease that starts in August).
Do not ever rent by the bedroom.
You're not a matchmaker and don't want to be their parent when things go south. All roommates sign the same lease, with a guarantor for each. If one roommate bails, that isn't your problem. If they're fighting, that isn't your problem.
Showings:
Because properties are occupied, we've moved to only showing a property to someone with an approved application. We require all the roommates to show up at one time to disturb the current residents as little as possible. We provide high-quality photos and a virtual tour with room measurements. We're also currently adding floor plans. This is enough information for someone to know whether they want to commit to the property as long as it is what they see in the photos.
We do require 24-hour notice for showings.
We did the same as Will in the past, but residents hated it. Right now, this is working, but we're in a hot market. If things change, we may not have a choice but to return to showing the old way.
Re: Pre-leasing
If you're doing it correctly, you're only having to show the house a handful of times.
Doing it on Friday afternoons from 2:00-4:00 is a great time to do it. Most aren't in class, studying, etc then. Having a great relationship with tenants also helps a bunch. We do get some showing complaints, but 98% of the times, kids are understanding and are fine with it.
Post: Nearing 1,000 College Student Tenants: Here's what I've Learned
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
Quote from @Christos Kappatos:
Quote from @Will Gaston:
Quote from @Christos Kappatos:
Quote from @Will Gaston:
@Christos Kappatos sorry I missed this.
What did you end up doing here?
Hey Will,
Apologies, it seems I missed your previous message as well. It turns out I may have jumped the gun a bit, but thankfully, I managed to sort things out with the 3 girls, and we found a 4th roommate just in time for classes to start. It was a stressful situation, especially since it was my first time dealing with something like this, but everything worked out in the end.
Now, onto another matter that's new to me in the realm of student rentals. The 3 girls decided they don't work well with a 4th roommate and will be leaving when their lease ends on 7/31, I will not be renewing the 4th girl's lease because she is a terrible tenant, so the house will be fully available. I'll be starting the advertising process at the end of this month, as per the lease agreement. I'm wondering what your recommendation is for showing the unit to potential tenants, who will likely be students again, while the current tenants are still there. Should I notify the current tenants in advance of each showing, or would an open house-style showing be more appropriate? Communication with them isn't always straightforward, as they are notorious for taking 2 or 3 days to respond to my texts.
Looking forward to your insight on this!
Best regards,
Christos
Pre-leasing is pretty much a requirement with student rentals. If you wait until a unit is vacant in most college markets, school will have already started and you might have trouble filling the place.
In my experience:
- list it for lease for the entire unit (4 BR house for ___price)
- do it now as school as about to end for the spring
- give the current tenants at least 24 hours notice when you will be showing the property (via email and/or text)
- try to lump as many showings in as possible around the same time so as not to disturb the tenants (sort of like an open house)
Thank you Will! This was what I had planned but wanted to confirm I was moving in the right direction. I appreciate you!
One more quick question, do you use a master lease or do individual ones?
One lease for the entire house. I never do individual leases.
Post: Nearing 1,000 College Student Tenants: Here's what I've Learned
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
Quote from @Christos Kappatos:
Quote from @Will Gaston:
@Christos Kappatos sorry I missed this.
What did you end up doing here?
Hey Will,
Apologies, it seems I missed your previous message as well. It turns out I may have jumped the gun a bit, but thankfully, I managed to sort things out with the 3 girls, and we found a 4th roommate just in time for classes to start. It was a stressful situation, especially since it was my first time dealing with something like this, but everything worked out in the end.
Now, onto another matter that's new to me in the realm of student rentals. The 3 girls decided they don't work well with a 4th roommate and will be leaving when their lease ends on 7/31, I will not be renewing the 4th girl's lease because she is a terrible tenant, so the house will be fully available. I'll be starting the advertising process at the end of this month, as per the lease agreement. I'm wondering what your recommendation is for showing the unit to potential tenants, who will likely be students again, while the current tenants are still there. Should I notify the current tenants in advance of each showing, or would an open house-style showing be more appropriate? Communication with them isn't always straightforward, as they are notorious for taking 2 or 3 days to respond to my texts.
Looking forward to your insight on this!
Best regards,
Christos
Pre-leasing is pretty much a requirement with student rentals. If you wait until a unit is vacant in most college markets, school will have already started and you might have trouble filling the place.
In my experience:
- list it for lease for the entire unit (4 BR house for ___price)
- do it now as school as about to end for the spring
- give the current tenants at least 24 hours notice when you will be showing the property (via email and/or text)
- try to lump as many showings in as possible around the same time so as not to disturb the tenants (sort of like an open house)
Post: Columbia, SC area turnkey providers?
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
@Kyla Bailey you got anything for @David Gilbert?
Post: Renting out to Fraternity/Sorority
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
@Rick Albert this thread on student rentals might be helpful:
Post: Realtor looking for a house hack
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
@Hayden Charles Langenburg good to meet you. Where in Columbia are you looking? I own ~80-90 units near USC. Maybe I can point you in the right direction. Will send you a DM.
Post: Columbia SC - Zonning Question
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
@Joshua B Williams just my .02 but might want to consider the lender situation as well. Will they allow a commercial or non-confirming use?
I've invested in Columbia since 2006. Would recommend getting some clarity from Zoning either way. Sometimes you hear 2 different things depending on who you're speaking with in that department.
Post: Furnished college rentals
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
Quote from @Jenna Fernandez:
Has anyone offered furnished rentals for college students? A mid term rental type format? I have 2 large homes (6 bedrooms each) that are in a college area. My property manager advised due to decreased university enrollment these homes are slow to rent over the last few years. Trying to think of different offerings to get up occupancy. we are competing with large new apartment buildings that offer a lot of amenities. Thanks!
I've done furnished student rentals 4-5 years ago and will never do it again. Hated it. Kids were picky and many only wanted to keep some of the furniture. Lots of management hassle.
I've had a lot better experience leasing property by spending money in the backyard where they can hang out. Fun hangout spots get kids to lease. Here's one I just completed.
Also, this thread on student rentals may be helpful: Nearing 1,000 College Students: Here's What I've Learned
Post: Looking for insurance agent recommendations for flip in Greenville SC
- Rental Property Investor
- Columbia, SC
- Posts 1,711
- Votes 2,225
Quote from @Ross Hilton:
As the title suggests I'm looking for a good insurance agent that can write a policy in South Carolina for a 3-6 month flip on an SFR.
Any suggestions would be greatly appreciated!
Ross, Ben Mason does all of my flips / student rentals in Columbia, South Carolina. He's based out of Boiling Springs, but lives in Greenville.