Thinking of buying a student rental property

[aczlan]

As far as tenants calling you, use a separate # like a majicjack or per paid cell

I use google voice for CL ads and such. It lets me setup unlimited per-caller forwarding, custom greetings based on who is calling, transcribes my voicemails and sends them as a text, etc.

I like it as it lets me have a layer of obscurity before my cell phone and it can be set to ask who is calling and cive me the option to send them directly to my google voicemail when they call or try me at another number if I dont pickup on my cell,.

Aaron Z

 

[schmism]

we are close to renting our other property we just moved from (a single wide trailer on 5 acers in rural IL)

what do other landlords use for insurance on there rental properties?

 

[ultrarunner]

I've managed student occupied rentals...

The plus side is the properties were always rented... the negative side is they required more work... especially with roommates coming and going.

Like any rental, the renter can make of break you.

I've found hands on management far superior to property management companies for those that know what they are doing... even effective management companies have to pass on the extra cost of that 3AM A/C repair on the fourth of July weekend.

Guys tend not to be so picky and are good a policing themselves within reason...

Girls can be very picky, many will attempt to do a make-over and very common to ask the Landlord to become involved with roommate to roommate issues.

Definitely helps to have a parent as co-signer... if a parent won't co-sign it's a huge red flag...

Several of my High School friends had parents that bought rental homes in the areas they went off to attend school and it worked out great... an owner was always in the building.

One bought this huge old home in Berkeley CA right across from the University... it had 3 floors plus a huge basement... he made a nice income because anything over the cost of running the building was his... also, in Berkeley, some of the nations very strict rent control ordinances did not apply since the property was "Owner" occupied...

Could be very lucrative for the right person...

 

[scesnick]

Well, We went ahead and bought these two rentals. Of course nothing is final yet. It was just too good of a deal to pass up.

I know this venture could have some severe bumps in the road but they payoff is certainly there.
They have never sat empty and together they bring in 12k a semester.

 

[ultrarunner]

Well, We went ahead and bought these two rentals. Of course nothing is final yet. It was just too good of a deal to pass up.

I know this venture could have some severe bumps in the road but they payoff is certainly there.
They have never sat empty and together they bring in 12k a semester.

The people that tend to get over their head with rentals either don't treat is as a business or hire everything out... sometimes both.

Being a Landlord isn't for everyone...

Those that do it well prosper.