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Old 08-24-2007, 10:15 AM
 
Location: Tennessee/Michigan
27,996 posts, read 46,373,100 times
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Hi, I'm a landlord for a rental house and I rent to college students. Do you have rental property?

Thanks, John
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Old 08-24-2007, 05:52 PM
 
Location: CA
2,464 posts, read 5,687,770 times
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Quote:
Originally Posted by John1960 View Post
Hi, I'm a landlord for a rental house and I rent to college students. Do you have rental property?

Thanks, John
You rent to college students? Yikes. I've heard that's a good market but I prefer tenants with jobs... I own rental prop. in so. cal.
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Old 08-24-2007, 06:01 PM
 
Location: Tennessee/Michigan
27,996 posts, read 46,373,100 times
Reputation: 19403
My renters had to put down a 1600.00 deposit because I'm renting to four college boys and you know they love to party.

John
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Old 08-24-2007, 08:36 PM
 
Location: CA
2,464 posts, read 5,687,770 times
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Yes, I've seen what they can do. I would always do the maximum deposit allowed by law for college kids (boys or girls).
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Old 09-22-2007, 08:18 PM
 
423 posts, read 1,775,047 times
Reputation: 107
I am getting ready to buy a couple of rentals. Do you think they are worth all the work? Got any pointers?
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Old 09-23-2007, 10:15 AM
 
10,871 posts, read 41,162,985 times
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Yes, I own & manage my own rental properties; residential and commercial.

Treat it as a business. Don't fall "in love" with any rental property, or you'll be disappointed more often than not.

Collect, up front, all of the deposits and damage deposits. The folks who cannot come up with all of the money in a timely manner will most likely be the ones who never do, and cause the most damage and expenses to you.

Obtain and check references.

Don't get greedy. Buy right so that your cash flow can carry the overhead and debt service and a modest ROI with some compensation for your time that may be needed to maintain a place.

Don't hesitate to evict with cause to cut your losses on a place. Even if that means an interruption to your cash flow. You'll save money in the short and long run.

If you don't have a lot of people contact skills, consider an independent property manager for your portfolio. You simply must have the time, energy, and outlook to deal with all the situations and stuff that comes with this business. A cast iron stomach helps ....
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Old 09-23-2007, 10:37 AM
 
423 posts, read 1,775,047 times
Reputation: 107
Quote:
Originally Posted by sunsprit View Post
Yes, I own & manage my own rental properties; residential and commercial.

Treat it as a business. Don't fall "in love" with any rental property, or you'll be disappointed more often than not.

Collect, up front, all of the deposits and damage deposits. The folks who cannot come up with all of the money in a timely manner will most likely be the ones who never do, and cause the most damage and expenses to you.

Obtain and check references.

Don't get greedy. Buy right so that your cash flow can carry the overhead and debt service and a modest ROI with some compensation for your time that may be needed to maintain a place.

Don't hesitate to evict with cause to cut your losses on a place. Even if that means an interruption to your cash flow. You'll save money in the short and long run.

If you don't have a lot of people contact skills, consider an independent property manager for your portfolio. You simply must have the time, energy, and outlook to deal with all the situations and stuff that comes with this business. A cast iron stomach helps ....
Thanks for the advise.
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Old 09-23-2007, 12:29 PM
 
Location: Kirkwood, DE and beautiful SXM!
12,054 posts, read 19,651,108 times
Reputation: 31734
I am considering renting a home that I have inherited. What is the percent of rent that a property manager usually receives? I live over 400 miles from this house, and the reason that I don't want to sell is that I would virtually make no profit after paying a realtor. Any suggestions would be appreciated. Thanks.
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Old 09-23-2007, 12:54 PM
dgz
 
800 posts, read 2,917,232 times
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I had some rental properties for a while (duplexes), and no, I would not rent to college students, unless perhaps they were graduate or doctoral students.
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Old 09-23-2007, 03:42 PM
 
10,871 posts, read 41,162,985 times
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SXMGirl ... I'm assuming that you inheirited a house that has a substantial mortgage against it with very little equity in it for you.

Unless it's in a "hot" rental market where you can forsee a good positive cash flow over your costs/expenses (debt service, insurance, maintenance and repairs, etc.) after also paying a local property manager .... you'll be better off selling this property now for whatever nominal asset value it has for you.

The only way you'll justify taking the "loss" on this property by converting it to a rental ... that's losses due to typical damage to the place, running down of it's condition due to tenant abuse ... is if you need the tax deductions that the property can give you. If you don't need those deductions, don't rent this house out.

Even with a property manager, there's a lot of work and "headaches" associated with a single family rental house for the absentee owner. If you don't have the time and ability now to deal with this, having a property manager won't be justified for you.
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