Looking for Property Manager input for student housing

[Kris L.]

I’m looking to get some small multi family property near a medium sized university in a college town.  Something like Kansas State, Texas Tech, Nebraska at Lincoln, Arkansas etc.  

I was looking to see if a property manager in one of those areas could maybe give me a bit of advice on how to write their lease, what to do with the summer months, how security deposits and payments would work in roommate situations etc.  I currently manage a few non-student units and am tempted by these higher cash flow opportunities.

[Roni E.]

I would do the 12-month lease with parent guaranty unless they can qualify via job if grad student. Also, I would add that it is a 12-month lease but they have to vacate 2 weeks/slash the last month's rent payment is still $500 but for only 2 weeks. As you need 2 weeks for turn over and get ready for new tenants. I would look at renting furnished unless older students renting to. Also, a quarterly inspection should be sufficient monthly it seems you are intruding on the students. Each student has their own lease and each person pays you the landlord or PM company. Next, utilities are they handing this or are you back charging them. If you do not have a Property Manager software I would get one can check out Builduim, Appfolio, and Tenant Cloud as options. I would focus on the student/tenant experience and make things easy for them from paying rent and so forth.