Steps to getting first lease signed

[Allison Hodges]

I have two properties in a college town in South Carolina, that are rented by students, and have been managed by a property management company since I've owned them.  I"ve let the management company know a month ago that I will be self managing starting in August with the new school year.  I have a group of students who are ready to to move forward and sign a lease for August 2024-July 2025.  Since this is my first time to market the properties and get it rented, I'm wanting to make sure I cover all bases and would love to know the steps I need to take to move forward with them and the best way to do this remote since I'm in another state.  Is there a recommended app, a list to follow, etc.  Thank you! 

[Troy Gandee]

@Allison Hodges You can probably use one of those generic forms, but may be worth having a RE attorney draft the lease for you. There's also a standard SCAR lease that Realtors use.

Be very careful not to be discriminatory for any reason. Fair Housing Law are no joke. 

I would usually suggest having a parent be a co-signer for a college rental if the student doesn't meet certain credit/income requirements.

Definitely require that they carry renter's insurance. Even if you just bake it into the lease amount. College students tend to be pretty rambunctious, but it will not hurt at all to require them to carry renter's insurance. 

And be mindful of the sub-letting stuff in the lease. College rentals are pretty infamous for having roommate disputes leading to sub-letting or swapping roommates around. Just go ahead and set some rules for that in the lease. 

I would also put something in there about a maximum number of guests the tenant can have. This could reduce the likelihood of parties. Or if they do have a large party, this would be an explicit violation of the lease terms, which could help with eviction, if necessary.