Student rentals for first property?

[Kody Newhart]

Regarding student rentals i have several questions. First off when analyzing a deal do you change any of your numbers like higher percentage for repairs and vacancy? Do you just find a property that is in the college town and the numbers work or do you specifically want a locations near the stadium or university. Do you allow pets? why or why not? i am just trying to consume as much knowledge when it comes to student rentals and any other advice, recommendations, or concerns would be appreciated. Thanks in advance.

[Brett G.]

-Find out what college rentals rent for in your area. They can usually rent for more than a typical rental. For example, maybe you can get $1000 for a 4 bedroom as a regular rental. However, maybe you can get $400 per bedroom as a student rental.

-Some landlords rent by the room. I prefer to to have one lease that everyone is on.  Each person is individually and wholly responsible. 

-The more bedrooms and bathrooms in a house, the better. If you are getting $X per bedroom, a four bedroom is better than a three.  Look for opportunities to add a bedroom. 

-Find out the local college rental cycle, i.e., sign leases in May for a Aug-July lease. It can vary from area to area.

-Buy close to the school, as well as other amenities such as bars, stores, restaurants, and other places college kids want to hang out.

-Check the zoning laws regarding number of unrelated people allowed to live together.

-Search for Facebook groups that advertise college rentals in your area.  This can give you an idea of what is available, what is the lease period, and how much they rent for.