All Forum Posts by: Lynel Johnson

@Corey Robert Leet Did you end up renting to students? How was the year?

Thanks @Andrew B.

@John Warren Thank you so much for your input. That would be very helpful. I'll be looking into this option.

Phil, Congrats on the new complex!

We bought a building like this on Wednesday. Sounds like the roof part is holding up but we still want to update the shingles that are visible.  We want it to look better and we'd like the first change the tenants see to be a positive one. 

We are thinking of replacing the shingles with steel or metal (this is not my area of expertise lol). 

If you have any After pics to show to that end, I would appreciate seeing those. Thanks!

I'll reply to this when the job is complete, too.

Duluth is not a city on which I can comment, but I want to encourage you not to fear college rentals.  Seems to me if you set down your guidelines/rules, meet all of the renters personally & if they know they are 1st to rent there from you I think you might be surprised at the respect you receive from the students.  Brandon Turner says Be Firm But Fair, and this is a good model.  

I would also encourage you to have a parent co-sign for each kid. That keeps them on their toes.  Find a snow removal and lawn care person - figure out their fee and make sure it is covered by kid's rent. Raise it a bit if you must.  Then you aren't 'on' the kids for taking care of the place and they wont get hurt on your property either.

Then when they move in give them a big Welcome Home bag of coffee - maybe some mugs from local coffee shop or UMD too (something that they will think of you fondly when using) and they will want to live up to showing you how mature they really are ;). 

You might find this is a lucrative way to earn money in this college town.

These are just some thoughts.

~Lynel 

60 Days before a lease is to end my tenants have a lease renewal option form. They choose the option they'd like - 1 Year, 6 Months or Month to Month, Sign and date it and get it back to me.   At this point, do I need to reprint their lease and have them and myself sign and date it. OR can their signing the renewal form serve to continue the lease terms from before?

Thanks for any input.

~Lynel

This has been interesting since the deal we're working on has very similar roof needing immediate Cap Ex. Looking forward to seeing what you do with this. 

This booklet might help...

http://www.polktaxes.com/touristdevelopmenttaxes/forms/CentralFloridaVacationGuide060810.pdf