All Forum Posts by: Ralph Poirier

@Aaron Caminati

I’ve been doing it for six years now. Since it’s students they are actually paying above what a family would rent the house for by a lot.

It sure can't hurt.  99% of people connect via wireless but if for some reason they need to connect via hardwire it would be nice to have.

The name of this forum is vacation and short term rentals.  Is that really your question?  Have you looked through the thousands of posts prior to yours?  Come'on man!

I'm doing this in Columbia SC (Go Cocks!).  Here's my approach:  I only rent to groups (kids know each other - hopefully friends - this helps with any issues).  Each student signs a lease and their parents sign a guarantee (this is nice as it pushes most parents to send me the rent since their name is on it - I use Venmo to collect rent).  Doing a background check on students is a waste of money.  I ask to see their grades.  I pay for the utilities and they reimburse me (again helping to keep the peace in the house).  I also pay for a house cleaner to clean the house every two weeks.  She is my eyes and ears to look for damage, smoking in the house and any other mischief.  This is a big expense but being that I live in MA I can't be there to inspect.  I have a great real estate agent in the area that will show the house if there is turnover and a handy person to fix/replace anything that breaks.  Lastly, I make sure the students know this is my house.  If they take care of the house I will take care of them.  I send cookies to the house before finals and I try to throw one tailgate each year.  The rents are higher than renting the house to a family so that helps.

Good luck!

Look into Greenville.  With the large manufacturing base there is a bigger need for housing.  I can say the apartment market is booming and priced right.  I do student housing in Columbia where there has been very good appreciation over the past year or so.

I pay for the utilities then add them to the rent request I make of them via Venmo.  It's a bit of a risk as the payments are a month behind.  Don't pay August electric bill until September and then bill them for the October rent.  I do this as I'm hoping it will keep any friction in the house to a minimum.

@Jeff Bousquet If you like Isle of Palms you should come to Seabrook Island. It's cheaper to rent, beaches are less crowded (6 miles of private beach), 30 minutes from the airport and its the same distance into Charleston. I'm working on a STR now but if you are interested let me know.

@Avery Carl I recently received a quote of 30% from Vacassa.  When I picked myself off of the floor I said thank you no thank you.  I did get a quote from a very popular local person of 18% which felt a little more reasonable.  In the end I'll do it myself for the first year to get it up and running and if I can get the thing to cashflow and learn a ton I may turn it over to a PM while I play golf!  Thanks for all of you guidance on these forums you have been extremely helpful!

I do something like that for my student renters and it goes miles for my relationship with them.  If it makes them happy and you have the cashflow I say go for it.  It can't hurt (except financially).

It's a creative idea to solve a problem.  I solve it by asking to see grades when they submit an application.  When filling a house I try to find a group of sophomores so they are in the house for 3 years.  Good try!  If you have others send them my way.  I'm always looking for new ideas.  Try sending your students health treats before finals (like protein bars - not sugar or candy).  I save those for special holidays (Halloween and Easter).