38 min
How To Succeed With Student Rentals The Good Stewards Real Estate Podcast
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- Business
Background and Power of Buy & Hold with Students:2:20: Bill stumbled into student rentals at the age of 35 and came across a house across the street from the University of Oregon where he could turn a 3-bedroom house into a 5-bedroom house.5:30: That first house Bill bought was $80,000 and over 30 years has put $175,000 into it and it’s now worth $950,000, cash flowing $6000-$7000 a month. That’s the power of real estate investing.8:39: Student rentals require a different mindset than traditional market stuff. There’s way more turnover in a shortened period of time.Managing Student Rentals:10:20: By January, we’re asking students to sign a new lease and make sure they know they’re moving out. We then hit the ground running in February getting those houses rented for the following school year.13:40: The bedrooms are usually kept nice, but the common areas are destroyed.15:30: We rent the entire property, not rent by the room but like to set up a “house manager” in our houses to be our go to point of contact.17:20: We start our rehabs and turns the moment school is out, but over the last 10 years have staggered the move out dates. We know cleaning, painting, carpet, etc. all have to be prescheduled.Strategizing Student Rentals:19:20: Hone your efficiency in general. Every single day lost is the day of a rent lost.21:30: We’re always upgrading a little bit so we can keep up with the changing market.24:40: You don’t have to be across the street to start investing in student rentals. There’s different circles around the campus that still make it accessible by walking, biking and driving.27:16: You can do student rentals in different markets, but we think it’s geared more for a college town.Follow the Path of Progress:30:11: Subscribe to your local business journal to keep a pulse on the early conversations or commercial investments in areas that could gentrify.How To Succeed With Student Rentals:31:50: Be careful if your only option is renting to students. You need multiple exit strategies.33:17: One of the most important things with buying student rentals, you need to be sure the timeline lines up to where you can rent it out for the upcoming school year.35:01: Make sure you’re marketing to students. Dorm mailers, Facebook ads, ads in the student news paper, using an online program endorsed by a university, etc.35:00: Bottom line, if you want to treat this as a business, you have to have access to where all of the business has done.Connect with the Good Stewards:Visit Our Website and SubscribeEmail | Ask@TheGoodStewards.comTwitter | @TheGoodStewardsInstagram | @GoodStewardsPodcastFacebook | @GoodStewardsPodcast
Background and Power of Buy & Hold with Students:2:20: Bill stumbled into student rentals at the age of 35 and came across a house across the street from the University of Oregon where he could turn a 3-bedroom house into a 5-bedroom house.5:30: That first house Bill bought was $80,000 and over 30 years has put $175,000 into it and it’s now worth $950,000, cash flowing $6000-$7000 a month. That’s the power of real estate investing.8:39: Student rentals require a different mindset than traditional market stuff. There’s way more turnover in a shortened period of time.Managing Student Rentals:10:20: By January, we’re asking students to sign a new lease and make sure they know they’re moving out. We then hit the ground running in February getting those houses rented for the following school year.13:40: The bedrooms are usually kept nice, but the common areas are destroyed.15:30: We rent the entire property, not rent by the room but like to set up a “house manager” in our houses to be our go to point of contact.17:20: We start our rehabs and turns the moment school is out, but over the last 10 years have staggered the move out dates. We know cleaning, painting, carpet, etc. all have to be prescheduled.Strategizing Student Rentals:19:20: Hone your efficiency in general. Every single day lost is the day of a rent lost.21:30: We’re always upgrading a little bit so we can keep up with the changing market.24:40: You don’t have to be across the street to start investing in student rentals. There’s different circles around the campus that still make it accessible by walking, biking and driving.27:16: You can do student rentals in different markets, but we think it’s geared more for a college town.Follow the Path of Progress:30:11: Subscribe to your local business journal to keep a pulse on the early conversations or commercial investments in areas that could gentrify.How To Succeed With Student Rentals:31:50: Be careful if your only option is renting to students. You need multiple exit strategies.33:17: One of the most important things with buying student rentals, you need to be sure the timeline lines up to where you can rent it out for the upcoming school year.35:01: Make sure you’re marketing to students. Dorm mailers, Facebook ads, ads in the student news paper, using an online program endorsed by a university, etc.35:00: Bottom line, if you want to treat this as a business, you have to have access to where all of the business has done.Connect with the Good Stewards:Visit Our Website and SubscribeEmail | Ask@TheGoodStewards.comTwitter | @TheGoodStewardsInstagram | @GoodStewardsPodcastFacebook | @GoodStewardsPodcast
38 min