All Forum Posts by: Vince Futia

Patrick;

Yea, it's another stream of  income. I get many of the desks and dressers free of CL. or at garage sales, flea markets. I only look for real wood items, no pressed wood junk, I may sand it and stain it, I may put chalk boards on the fronts and sides, maybe granite on the top, I do not go out an purchase these for full retail. These are little to know cost, but when I'm done, they look very nice.

It's in their room on the first day of the lease and I remove it at the end. If they leave any such items behind and its theirs, there is a small deduction for removal and disposal. So it almost sells itself, or should I say "rents itself"

I got idea a few years ago, I noticed a "Mom" and her son went to the locale Wal-Mart and purchased a dresser and desk, the particle board kind with a million screws. They were trying to read the instructions and put it together in the students room on one of the hottest days in August that year.

They were sweating uncontrollably, I was watching them and came up with the idea.

I haven't looked back.

I rent many of each, If all aren't rented, they get moved to the basement and stored. 

Hey Patrick,

Thank you for the info. 

I only rent, desks, dressers, rolling chairs, and bookcases.  Its $35 per semester for 1 item, $35+$25 for 2 items, $35+$25+$15 for 3 items, If they take all 4, then $35 + $25 + $15  + $10. Per semester. Also  AC UNITS, $60 per semester.. i either get the items free or pick up at garage sales. Repair them,  enhance them, all wood, no Akea stuff. 

So i don't  do mattresses, or couches, stuff like that. I will look more for the bed bugs though.

The internet im hesitant on, I don't like claws  before the big test day  to say I can get on the internet . Thanks for the heads up.

Thanks again

Hi;

I'm in the Student Housing business. I'm looking for idea's to add upgrades which would and could increase the rent line. Also I would not discourage any ideas which might not increase the rent line, but would increase the convienance experience.

All properties are 2 family locations.

Several I have embrassed have been:

> Ceiling fans in bedrooms

> Blue tooth bathroom fan

> Furntiure rental

Thanks

Vince

Hi everyone;

Looking for feedback, insights, advice on my next purchase. I have three rentals in upstate           New York (3 -2 families). All are paid for, all are solid properties, all are rented with students, no repairs needed, simply undertake enhancements projects.

What are some ways to finance my next purchase? 

I'm looking at another property (2 family) with a large parking lot (230K). The current owner has a 92K remaining mortgage and assures me in  our discussions, he will hold the remainder in paper.

My dilemma is, If I pay him the 92K, then I have to come up with it. If I mortgage one of the three properties I already own, then I have to come up with 20% for a bank which would be a lot less then the 92K. 

Or do I use 92K from a possible home equity loan I could easily get on one of the properties and use that for the purchase of this new property and have the owner hold the remainder?

Any help, advice, insights would be awesome.

Thank you BP World!

Hi;

I'm reaching out to other across the country who may deal in student housing. Very curious if there are unique ways of creating other streams of income within the rental process that someone is doing? I'm aware of coin operated laundry, paid parking, furniture rentals. 

Just looking to see if there are other streams someone has discovered.

Thanks

Thanks Matt!

Hi;

Just reaching out to gauge how others view this. Should security deposits be looked upon and considered as income? Then when the lease ends those funds returned are then considered a payout? Any insights? Thank you in advance!

Is anyone dealing with Student Housing creating any optional streams of income with their tenants, renting furniture, coin laundry, parking, anything other success stories to increase gross?

Hello All;

Just would like to find out what possible creative scenarios might be in ploy across the US for student housing landlords. I have noticed over the past years many more students have pets at school. My properties have a no pet on the premises line in the leases. I'm just thinking about the pro and cons of becoming possibly more pet friendly. The student market is becoming tighter and tighter and I'm wondering is this aspect of a more pet friendly attitude could be come beneficial??

I was wondering with those property owners who are pet friendly, what do they do to secure a win-win situation?? I'm thinking an additional (higher) security deposit? Possibly a $40 pet rental /month agreement?

Those who are pet friendly, suppose the students aren't picking up the dog waste from the yard? How do you combat that?

Is there anything else you require from the pet owner?

Any and all insights those who might be pet friendly property owners  for students could pass along would be greatly appreciated.

Thank you!

Thank you everyone!

Great feedback

These two buildings are right next door to each other, right in the student area.

Both are in very, very good condition.

Both have been rented continually by the same sorority for the last 12 years fully occupied. Could that change?? Yes, of course. But that's why I  might have had 0 for occupancy

The students pay utilities.

I understand about the S. deposits, I can go back to the owner and ask his thought process in number process.

Thanks again!