All Forum Posts by: Andrew Marzec

Hey @Alessandro Cardito, I would be interested in being added to your meetup list. I’ll add you to my connections. Look forward to hearing from you.

@Mike Cumbie Im In an upstate NY college market as well. I don’t know of any landlords who are able to collect a full semester or year up front. That would be great.

I agree @Jay Hinrichs Trying to get $500 from an 18 year old Will most likely not happen. I have her security and last months rent. I’ll use that for The next two months and try to get a new student in for the upcoming semester ASAP. I would lose more money trying to file for eviction and going through that process.
 

@Matt P. I do not have the parent on the lease but on the tenant information form I have them fill out they indicated that their parent pays the rent for them. It’s in no way legally binding but it at least shows me I can try to have an adult conversation with them and explain how an eviction will impact their child’s future ability to rent.

@Michael Noto It has been just over a week. The other students in the house told me they were under the impression she was coming back next semester and the mother is making it seem otherwise.  The reason I believe it is the mother is because the phone number is the same as the one the student put down in the beginning of the year on her tenant information form. I always have them fill out a form with their parents name/cell/address, since most of the time the parents are paying The kids rent. I am going to try and have a conversation with the mother this morning after I get permission from the tenant, if that doesn’t go well I will have to proceed under my states laws. 

Hi @Theresa Harris thank you for your reply. This tenant is 1/5 that live in the house. Her belongings are still in the house according to the other tenants. My contract is solely with the tenant, not the parent. I am going to try and contact the tenant and mother again tomorrow. Just not sure where to go with this if they stop communicating.

@Cameron Tope Thank you for your reply. Unfortunately I purchased this house this past June. So I was unable to get 1 group lease of 5 students since groups find their housing for the year ahead in October-November of the previous year. So this house has a group lease with two friends and then three individual leases. She happens to be one of the individual leases. But to your point my other houses all have group leases and they all understand that they are jointly and individually responsible for the entire amount of rent each month. 

Hi All- I am looking for some advice on a tenant issue I encountered this weekend.

A little background first. I own 4 rental properties in a college town and rent to the students who attend the University. I have yet to have any issues with tenants as I like to think I do a pretty good job screening them or getting parent guarantors.

This weekend I had a mother text me saying that she tried to contact me two weeks ago and never heard back from me (I never received any calls/text/emails/or PM from this person). She proceeded to tell me that her daughter will not be living in the house anymore because she had to withdraw from the university due to “serious medical issues”. I said that I understand and am

Sympathetic, however there is a lease in place that her daughter is responsible for. I told the parent that her daughter either needs to find a replacement to take over her lease or she needs to continue to pay for her place in the house during her absence.

The mother was very short with me and more or less told me that I’m not hearing her correctly and the daughter will not be coming back. I do not have a lease with the parent, only the daughter.

What should my next steps be? The tenant is non responsive to calls/texts/emails, and the mother didn’t seem like she was willing to work something out. Just looking for some guidance as I have yet to deal with this type of situation. Thanks!

@matthew Phillip I attended BU and currently invest in student housing while residing in NJ. Prices seem cheap but taxes are very high relative to homes values. The entire downtown Binghamton market is artificially held up by the university. Without the University some of the other jobs/sectors in the area wouldn’t be supported. I would be very careful where you chose to buy. I have roughly a square mile area that I focus on. Anything outside of that I think you will have a difficult time achieving max cash flow and getting a steady stream of renters. Feel free to connect if you have any questions.

@Peter Kelly Hey Pete- are you still investing in Binghamton and Living in Hoboken? 

Lloyd Stanton thanks for the response. That's how I felt at first but I just feel like it's a good buy. The reason I think he is trying to get out of the contract is because he took our offer the first weekend it was listed and now (4 months later) properties on his block are selling for 70-100k more. But as you said the entire situation could be very stressful and take a long time to pan out.