College Rentals (by Jules [WA]) Mar 6, 2012 4:21 PM
College Rentals (by NC Investor [NC]) Mar 6, 2012 4:36 PM
College Rentals (by in [IN]) Mar 6, 2012 4:46 PM
College Rentals (by Virden [OH]) Mar 6, 2012 5:30 PM
College Rentals (by Jeromy [NJ]) Mar 6, 2012 6:04 PM
College Rentals (by in [IN]) Mar 6, 2012 6:10 PM
College Rentals (by Taylor [TX]) Mar 6, 2012 7:38 PM
College Rentals (by Taylor [TX]) Mar 6, 2012 7:40 PM
College Rentals (by Barb [MO]) Mar 6, 2012 7:59 PM
College Rentals (by in [IN]) Mar 6, 2012 8:48 PM
College Rentals (by Virden [OH]) Mar 7, 2012 12:29 PM
College Rentals (by proofstyle [PA]) Mar 8, 2012 2:56 AM
College Rentals (by p m h [TX]) Mar 8, 2012 4:28 PM
College Rentals (by Ellen [ME]) Mar 20, 2012 2:35 PM
College Rentals (by Jules [WA]) Posted on: Mar 6, 2012 4:21 PM Message:
I am looking for input from LL who do college rentals. Place is 5 min walk to school so those will be my tenants.
I am thinking prob not a lot of credit history. Do you run CC on 19 yo? What do you need for qualification? Do you require co-signers? Anything in particular you put in the lease? Thanks!! --69.76.xx.xxx |
College Rentals (by NC Investor [NC]) Posted on: Mar 6, 2012 4:36 PM Message:
Unless they have a verifiable source of income that can cover the rent we require their parents or guardian to co-sign and run credit reports on the co-signer as well as the tenant. --173.188.xxx.xx |
College Rentals (by in [IN]) Posted on: Mar 6, 2012 4:46 PM Message:
Credit Ck, and then parents co sign, Take one rent check, one SD, joint and severally lease, all for one one for all.
You do not care who bust the door they all pay next month with rent check
Only one check total amount, or default call parents.
Check for GPA and number of hours attending school serious student only, all else go away.
In this world I know Millionaires that are broke. --98.253.xxx.xxx |
College Rentals (by Virden [OH]) Posted on: Mar 6, 2012 5:30 PM Message:
All my student rentals are prepaid 9 month, some 10 plus pet fees, visit your courthouse often for ideas on why landlord cases fail and build this language into your lease regarding lawn parking, drains getting blocked, lockout fees.
I manage many of these other than my family and the best way to have a student rental is anything touching water is replaced if any doubt get it out, same with a rusty pipe, cut it all out and fix imbalanced drains and repair every supply valve so it can turn off when needed and it is labelled so sally or joseph can tell you which one they turned off and on. --70.161.xxx.xxx |
College Rentals (by Jeromy [NJ]) Posted on: Mar 6, 2012 6:04 PM Message:
Make sure the college you are investing around is a decent one, not a junk college.
You only find junk tenants from a junk college. --71.188.xx.xx |
College Rentals (by in [IN]) Posted on: Mar 6, 2012 6:10 PM Message:
Junk Students are at all colleges, they party and flunk out..or just drop to a few hours.
GPA and Hours attending is why I ask..serious students only..
A junk or party student low on hours and low on GPA, --98.253.xxx.xxx |
College Rentals (by Taylor [TX]) Posted on: Mar 6, 2012 7:38 PM Message:
I try to avoid getting parents to co-sign. This can lead to a helicopter parent situation, which drives me absolutely batty. I have one right now who just asked me to revise my lease with her daughter to include a grace period on rent, that "I would never have let my daughter sign an agreement that didn't have a grace period. We give our tenants 5 days grace period." Ugh. Seriously? Your daughter is 22 y/o!
Anyway, I grill them - I ask them major at the beginning of the interview and ask them again, like I have forgotten, to see if they are lying. Then I get their student id and proof of financial aid. If they have a part time job, I get and verify that information. If they can't pay, the students seem to be pretty responsible about telling me ahead of time. For those that run out of money, they generally can move out quickly with a minimum of fuss, as long as you let them know how long an eviction stays on their credit report...
--76.30.xxx.xxx |
College Rentals (by Taylor [TX]) Posted on: Mar 6, 2012 7:40 PM Message:
Also, be sure you go over your drug policy with them..."no drugs, which include marijuana, on the property. This includes food that may contain pot, or any of your friends that may bring drugs on the property. I will call the cops and then your mama, in that order, if I hear or smell anything even a little funny."
I had one roommate tattle on the other one - her roommate's friend brought a pot waffle in the house. I am still laughing at that one. I mean, would that even be any good?
--76.30.xxx.xxx |
College Rentals (by Barb [MO]) Posted on: Mar 6, 2012 7:59 PM Message:
I don't do parent co-signs. I require either proof of income to meet needs or a copy of the student financial aid offer. I do credit checks, partly because that helps them to start a credit file. I definitely do criminal background checks and if drug history they do not rent from me.
My rental application asks for parents name, phone number, address.
About 1/2 of my student pre-pay by the semester. No, I do not discount. I do offer one semester leases if student has been with me at least one year and is graduating mid-year. In those circumstances, I request that they move out the weekend following graduation so that I can get the apartment ready for new tenant. They usually help me find a new tenant who was on co-op first semester. --64.15.xx.xxx |
College Rentals (by in [IN]) Posted on: Mar 6, 2012 8:48 PM Message:
I agree parents as co signers are a joke, and yet they do come clean up the mess, we can drag them in court faster, but they do sometime put their mouth in at move in, and yet they would regardless whether on the lease or not.
Most of the times the kid will have far more income than the parents, after a few years.
Had college rental for over 50 years, even have previous renters kids..some famous, some rich, some just good people. funny they all remember me. --98.253.xxx.xxx |
College Rentals (by Virden [OH]) Posted on: Mar 7, 2012 12:29 PM Message:
Taylor, your grace period is set by the court, out of your hands - same 1st of the month after this one - set the mom on auto withdraw if they have not figured out the calender. --76.241.xxx.xx |
College Rentals (by proofstyle [PA]) Posted on: Mar 8, 2012 2:56 AM Message:
I give them a choice - parent cosigner or double security. In the last three years, families have consistently chosen the double. I smile sitting at the bank. --68.83.xxx.xx |
College Rentals (by p m h [TX]) Posted on: Mar 8, 2012 4:28 PM Message:
my market is college students. I run credit & eviction reports. I do not ask them about grades or hours. this is totally irrelevant to the business decision to rent. I do not have parents co-sign. they are not living in the units. I have one time had parent sign as guarantor, and never did need to apply that. My students sign annual leases. I do not require all 9>12 mos upfront. They pay monthly. I treat my students as adults. this probably explains why in 15 years most of my renters have been referrals by students who have rented from me. many have stayed 2-3 years and then graduated, so they leave. Jules. my houses are walking distance to campus. so my rates are higher.
--97.94.xxx.xxx |
College Rentals (by Ellen [ME]) Posted on: Mar 20, 2012 2:35 PM Message:
My screening tool for all applicants is a quote from the first landlord my husband and I had: "if you like loud parties, loud music, and loud television, you won't like it here". Great screening tool. Will never forget the look on the face of one 18yo male looking at a double living room apartment (with his mother). I said this line and his face absolutely dropped. He was seeing great parties in this space. --70.16.xx.xxx |
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