All Forum Posts by: Lamont A.

Good evening all.

Wondering if anyone have a sample lease agreement for student rentals that I can use as a guide as I create my own. This is my first time dabbling with student rentals. I'm familiar with standard lease agreements but cant help but feel like I'll be leaving something out that pertains to students. Any help is much appreciated.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $38,000
Cash invested: $48,000

Single family,
Home in an older established neighborhood needing complete updating.

What made you interested in investing in this type of deal?

For this deal the cost and proximity to local hospital, and colleges

How did you find this deal and how did you negotiate it?

Found it on the MLS

How did you finance this deal?

All cash purchased

How did you add value to the deal?

Sweat equity is the best way to add value to the deal. If you have skills that can save you money, by all means invest the time.
other value was by creating a 5th room in the unit.

What was the outcome?

Newly renovated home that host traveling professionals and now student housing.

Lessons learned? Challenges?

Get to know your options for contractors in a new area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with the listing agent.

Hello Marc,

I did a bit more research on the area and the prices still intrest me but the rental amounts is what's keeping me away. Rents are pretty low so unless I get something dirt cheap. I haven't been comfortable pulling the trigger in that area. 

What has been your experience there.

Even simplier than that!  
I use a site called (schousingsearch.com) also known as social serve. Create an account and list your property here. The site connects with (sect8homes.com) and i think a few others. Most voucher holders use this site as resource to find housing.

Once you have selected a sect-8 tenant, he/she will give you a form from their voucher package that you will need to fill out. It's basically info about the unit. After that gets returned, Sect-8 will schedule an inspection of the unit. If everything passes ( which they look for a normal safe functional unit) you will be a NEW Sect-8 landlord.!

They have other paperwork for you to read and sign about the program but, nothing magical to the process.

Screen as best as possible and give it a try.

I've rented thru the sect 8 program for years and just like others have said there are good experiences and some bad. It all boils down to screening the tenant. I've had old, young, black ,white & now I have vision impaired. The results could all be the same if you don't carefully screen your tenant. In my 1st rental I had a single mother of two that paid $25 a month of the rent and this was in an semi-rough area. Whenever i went to the property, announced or not, the place was well kept. 

Also had a young lady that rented for about 2 1/2 years under the program, got herself together and eventually purchased her very own home. so there are good tenants if you take the time to screen them.

bad ones that i thought were going to be ok ended up with a boyfriend hanging around and police being called for disturbances all the time, or the lady that was taking care of her granddaughter but would allow her sons to stay there a few nights sometimes, well he tried to make a drug buy something went wrong and someone shot at him hitting my place, Now she had never been a problem and kept the place well but i later found out the son & a sister was living there for two month while the tenant was staying out of town with a friend.

Section 8 get's a bad rep but not all voucher holders are bad tenants.

Sometimes landlords just want the money and don't care who they put in their units as long as that voucher amount covers the rent. As a landlord it's your responsibilty to manage that unit, so that you don't end up with a place being destroyed.

Sometimes you just can't forsee things that might come up but keeping a eye on your place and doing frequent inspections will help you stay in tune with how your place is being treated. I learned it the hard way but I've learned it!

Good Luck 

Welcome to the group. You'll find lots of great information here.

Good Luck on your journey!

Thank you all the replies.

@Troy Sheets thanks

@Cara Lonsdale Thanks for your reply and my grip isn't that the tenant pays on the last day that it is due but more less of them not following directions and by doing something i don't approve of.

I'm sure you have plenty of people's personal address but it doesn't automatically give you an open invitation to go there unannounced.  

and I don't think you go to your mortgage lenders house to hand deliver your mortgage payment.? (if you have one)

In the future I will look into other payment options that won't cost me extra expenses.

Thanks

Hello BP,

Wondering if anyone else has had this issue before and how did you solve it. I have a tenant that has been coming by my personal residents and putting the rent in my mailbox without my knowledge.

(back Story) 

Like some of you my lease states that rent is due on the 1st and late after the 5th. For the past few months i have a tenant that have been paying the rent exactly on the 5th. The past 3 months tenant has come to my personal residents and put it in my mailbox. The 1st time this happened, i sent a notice and message letting her know late fees apply ect.  when tenant responded i was then informed that the rent was in my box. Apparently they came by sometime that night. I didn't like the idea of that but didn't really make a stank about it. (obviously my mistake) 

So 2nd time almost identical issue, on the 5th tenant came by after hrs with no phone call or acknowledgement that they had left payment except this time we saw the car leaving so i called (of course no answer) but left a very stern and detailed message about how this was not acceptable and no longer will be tolerated. 

Well, 3rd time was just yesterday. I want to go ballistic on tenant, but  would like a few suggestions before i do the wrong thing.

Yes I know messing w/ anyone's mail box is illegal and have mention this to tenant as well. We have even left self addressed stamped envelopes for them to just mail in the payment.

Any suggestions?

Thanks in advance