College Boarding House

[Kenneth Garrett]

Hi BP Community,

I have been brought an opportunity to partner in a Boarding House near Northern Illinois University.  It cash flows great.  Two blocks from the University.  It has 5 tenants and a studio apartment 100% occupied.  Leases expire in July.    Unfortunately the current owner has cancer and is liquidating this asset.

I would like to hear feedback on anyone who has experience in these types of properties.  Specifically how you protect yourself from college students.  I believe that the parents should co-sign on the leases to protect me.  I own a number of rental properties but nothing in a college community. 

Any feedback would be appreciated.  

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Investor from Palatine, Illinois

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Investor from Palatine, Illinois

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