All Forum Posts by: Will Gaston

I rent to ~225 students and have a similar setup. One lease for the entire house.

I've got loans with 12-13 banks in my market (Columbia, South Carolina) and almost all of them are smaller, local banks. In my experience, there are plenty of small banks/credit unions that are cool with student rentals as long as they're all on one lease.

@Christos Kappatos nope they can stay (or leave if they want).

The reason that ~all kids are mostly cool with it is because they had to tour houses while pre-leasing too.

It's a necessary part of this business.

Re: Pre-leasing

If you're doing it correctly, you're only having to show the house a handful of times.

Doing it on Friday afternoons from 2:00-4:00 is a great time to do it. Most aren't in class, studying, etc then. Having a great relationship with tenants also helps a bunch. We do get some showing complaints, but 98% of the times, kids are understanding and are fine with it.

 One lease for the entire house. I never do individual leases.

 Pre-leasing is pretty much a requirement with student rentals. If you wait until a unit is vacant in most college markets, school will have already started and you might have trouble filling the place.

In my experience:

- list it for lease for the entire unit (4 BR house for ___price)

- do it now as school as about to end for the spring

- give the current tenants at least 24 hours notice when you will be showing the property (via email and/or text)

- try to lump as many showings in as possible around the same time so as not to disturb the tenants (sort of like an open house)

@Kyla Bailey you got anything for @David Gilbert?

@Rick Albert this thread on student rentals might be helpful:

Nearing 1,000 College Students: Here's What I've Learned

@Hayden Charles Langenburg good to meet you. Where in Columbia are you looking? I own ~80-90 units near USC. Maybe I can point you in the right direction. Will send you a DM.

@Joshua B Williams just my .02 but might want to consider the lender situation as well. Will they allow a commercial or non-confirming use?

I've invested in Columbia since 2006. Would recommend getting some clarity from Zoning either way. Sometimes you hear 2 different things depending on who you're speaking with in that department.

 I've done furnished student rentals 4-5 years ago and will never do it again. Hated it. Kids were picky and many only wanted to keep some of the furniture. Lots of management hassle.

I've had a lot better experience leasing property by spending money in the backyard where they can hang out. Fun hangout spots get kids to lease. Here's one I just completed.

Also, this thread on student rentals may be helpful: Nearing 1,000 College Students: Here's What I've Learned