Looking for experience College/University renters

[Chris Luksha]

Happy Sunday All,

Recently I found a couple properties within 10 minutes of the local university that could be ideal for renting to students during winter and summer sessions.

I am looking around for the potential pitfalls in this way of thinking and maybe some advise from seasoned renters on how to handle the soliciting of tenants and seasonal leases etc.

Currently I own zero properties and am truly interested in residential single and multi family homes for long term cash flow and generational trusts.

I know this is a pretty generic post, but I hope to start a conversation with a few pitfalls and possibilities and grow it from there.  I see huge potential but the naysayer on my shoulder is screaming about the hassle and the damage and the blah blah blah.  I want some affirmation to shut him up while I work to acquire these properties (or at least one).

Thanks,

Chris

[Account Closed]

I learned to hate undergrads, but, then learned to love law students.  I've heard med students are just as good.  If you get them in their first year, they will often stay several years, and they are easy tenants.  Just provide them a quiet, safe place within - preferably - walking distance of their law school/law library.

Engineering students were great, but don't stay as long, but not problematic.

Forget art majors, theater majors, and believe it or not, I found MBA students to only rent short-term.

The key is to be able to advertise somewhere where only the grad students you want will see your ad, and offer your law student, etc., tenants a referral fee for referring someone to you if you end up renting to that person.  I gave a $100 rent credit.  The law school on campus across the street put my vacancies on their facebook page.  You just go talk to the law school, med school and ask how to advertise to their students.  

I also learned that law students who are older, part-time, evening law school students are flaky and they don't usually stay long.

I also found that students will need housing year-round.  I only used month-to-month rental agreements.  Even in the summer, there will be grad students who come for summer internships, who have a hard time finding short-term housing, and will pay a premium for it.  I allowed my law students to sublet their units over the summer to such students, while they went somewhere else for their summer internships.

So, my experience with students ended up being great.  For us, law students were the absolute best tenants.  I would not want to manage units for undergrads, though.  You couldn't pay me enough.  So, check to see if the college near the properties has at least some grad programs - preferably something other than the arts.  I found them to be high drama and flaky and party animals.

For what it's worth.