All Forum Posts by: Will Fraser

Hi Devin,

If you consider their interests alongside your own I'd say this kinda takes care of itself.

You're asking the owner to make a 1 sided concession . . . the rent went up (presumably in line with the market value?) and your request is (based on a purely personal situation) for the owner to take a loss. 

You can certainly ask it, and they might take the loss, but please be eyes-wide-open about what you are asking.  

Woo Pig Soooie good sir!

As someone who has been on both sides of this equation in the NWA market I can say:  there are some extreme upsides and downsides.

The upside is that unless you build or buy something near campus that would appeal strongly to the staff and various others who are want to live near UofA then you are likely limited on options.  The non-students who tend to live near the university tend to buy and rent different types of homes than university students living near campus.

While some students can be rough on the properties, the cashflow is nice and it's a good way to afford some prime real estate that has an evergreen demand.

If you choose to rent to traditional students you should absolutely have their parents co-sign.    

You may be able to use noise monitoring devices, or you can design the space to be party un-friendly.  Alternatively you can work to build good rapport with the tenants (or hire a PM that does) and work to create a culture there that respects that parties are not allowed.

@Ravi Kumar can you handle negative cashflow?  

Grab a walmart bag.

use it to try to catch the wind.

This and finding a great handyman who is still great in 2 years, are both unlikely.

It's always a pleasure, Matthew

@Joey Streight you're walking firmly down the middle of Streight Street!  It's the right path to be on!

 Hey Mica,

There's a load of good thoughts and things to think through in some of the other responses, and I'll add this:

- when you are house-hacking it is fairly fluid and normal to be the live-in-PM.  If you have any thoughts of self-managing a growing portfolio of rentals then this could be a good opportunity to grow your knowledge-base from first hand experience.

- Work with the best PM company you possibly can for the units you don't live in and compare the units of work involved in your management of the professionally managed units vs your self-managed units.  Also compare the joy involved in each.

- If you love managing, then do it with excellence!

- If you loathe management, pay a great management company and they'll embrace the suck and you can redeploy your joy~! 

Hey @Patrick O'Shea, I want to understand your vision a bit more.

Are you wanting to start a website that advertises mid term rentals, similar to FurnishedFinder?  If so, would these be only your properties or lots of other properties?

The seasoning requirement is almost always something that restricts property within the same ownership.  Once a sale occurs it's a different interested party and different rules all around.

It really only matters what this is worth to you.  This is similar to the BATNA idea from Getting to Yes.

The insurance company is trying to find a property that will fill need X

You have a property they suspect will fit need X.

What is the proposed income stability or instability worth to you?

If you would dislike it becuase you lose the probability of using it for family on game weekends and high-revenue-generation on other weekends and that's more valuable to you, then that's your guidance!