Renting to college kids with limited income

[Account Closed]

I am looking at buying my first rental, my girlfriend and I plan to house hack a modular 4-plex we put on some land near a college town. I have most the details figured out but a thought I had was most college kids do not have an income. When I was in school I only worked summers and paid my rent through my refund I got from borrowing addition money on top of tuition to cover rent and expenses. I never gave it a thought that my landlord didn't think twice but now on the other side of things how would you guys feel about a tenant who had no income but insisted he had the money, assuming they didn't have a cosigner. I would have a hard time not renting to them only because I was once in that exact situation and never missed a payment.

[Charlie MacPherson]

@Account Closed There was a BP podcast on college rentals several months ago.  It's worth searching for it.

The guest on that episode said that he rented his units out by the bedroom, which dramatically increased revenue.

He also said that he got personal guarantees from every student and their parents.  And if I recall correctly, he got them all to sign a contract that said each and every student and parent are jointly liable for damages to the unit.

Find that episode and take a lot of notes.