Nervous about college student rental, need inputs/support

[Ben C]

Hi,

After marketing my rental for 2 weeks, the only serious renter who submitted an application with $400 deposit is 4 college students ages from 21-23 years old.

I need to rent it out and cover my mortgage especially after putting a huge down payment for the new house. But I have to be honest that I am extremly nervous about renting to the kids after reading all the experiences from other LL. I already explained to them that everyone will need to sign lease and all parents to co-sign. they agreed to put 2 month rents down prior to move in and 1 month of security deposite. but still not feel safe :(. at this point,can I

1. increase the security deposit?(property in NC)
2. should I show them the lease first before I charge them and start the credit check? I plan to write a very strict lease to ensure more protection( any student lease sample will be greatly appreciately).

3. They lived together last year but only provided the landlord's first name and telephone number, mailing address is P.O Box. they told me it's a property management contact info and they only know the person by first name. I haven't call the PM yet, wondering what's the best way to contact them , email, mail, phone? will PM usually be helpful sharing the info.

I am ready to learn everything about being an LL and feel that renting to the students will be teaching me a ton :). just concerned that it will be too much and that they will turn my 2007 build well maintained home to an animal house :roll: .

Thanks in advance.

Ben

[Mitch Kronowit]

I know one investor who rented apartments to students in college towns for several years. Her advice? Take some of that cash-flow (which should be higher than simply renting to one family) and hire a cleaning person/crew to come over 2-4 times a month and keep the filth down, especially in the case of college boys, who:

1. Probably NEVER heard of Soft Scrub, and
2. Possess a rare talent for building furniture out of old pizza boxes and empty beer cans, and
3. Think a toilet brush is for cleaning the wheel wells of their car.