Renting out to college students

[Amelia McGee]

Hi everyone!   I live near a state college and found a fixer upper for sale less than a 10 minute ride from the college.  I was wondering if anyone uses their rental property solely for college students.  There seems to be so many pros to doing this with the property I found.  Its literally a block from the main street which means its near transportation.  There is a park and a library right across the street.   Its a diverse, safe community.  Everything is in walking distance (grocery stores, coffee shops, fast food, 7-11, Blimpie, CVS, Walgreens, Tire shops, Car mechanics, gas stations, small restaurants). They could even ride their bike to the school because there are safe bike trails.  So I guess my question really is, has anyone found success in doing this?   

Thanks!

[Ralph Poirier]

I agree with Ken.  Here are a couple of my approach:  My houses are immaculate as my promise is I wouldn't put anyones kid in a house I wouldn't put my own in (all three have lived in my houses). Parent co-signer a must; Leases are for one year (in SC we do Aug-jul); Rent to a group and the lease says that if someone leaves (graduates) they are responsible for finding the new rental or I will not renew the lease.  I ask them in February for their lease renewals.  I pay for a house cleaner every twp weeks to clean the common areas.  This helps me get an eye in the house.  The cleaner looks for damage; smoking and anything else she thinks is out of line.  This costs me a bit but the peace of mind is priceless.  Lastly I spend time with them making sure they understand that this is my house.  You take care of my house I'll take care of you.  I do tailgates; send cookies before finals; etc.  So far so good for me!