Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago,

User Stats

10
Posts
6
Votes
Upgrade Costello
  • Investor
  • Texas
6
Votes |
10
Posts

Renting out a college property in February

Upgrade Costello
  • Investor
  • Texas
Posted

I just finished renovation on a 6 bedroom house near Ohio State University campus.  It's ready to be rented out, and I have the rent price listed at $2495 (slightly below average rental price in the neighborhood) but no one is interested, I assume because everyone has already secured housing since spring semester already started 4 weeks ago.   I am considering doing a short term lease at $1995 per month, and then raising the rent to $2995 (average $500 per bedroom which is standard in the neighborhood) in the fall of 2018.

My questions are:

1. is this a good plan? (I don't want to leave the house vacant, even if it  means me discounting the rent all the way to $1995

2. When does "fall lease" start for college students usually? (aug 21 is the first day of class, so I assume Aug 1st?

3.  If I make my short term rental, should I have it go from now until July 1st (so I have 30 days to clean and repair damage before the Aug 1st move in?

Any tips or advice is appreciated, but my main goal is just to have the house occupied even if it's at a reduced rent asap, so I don't have to pay the utilities and also have the house exposed to squatters or a break in to steal plumbing etc.

Thanks!

Loading replies...