I’m a newbie and getting into the buy and hold (long-term) business.
What are peoples’ experiences with renting to college students?
pros and cons?
Thanks!
Well that depends, most importantly is what kind of property are you talking about? If its a nicer place I usually require several verifiable good quality rental historys and usually a larger deposit and even first and last months rent prior to move in. It just depends on the circumstance. But you never can tell with some people. Be careful but use common sense.
College kids are just like any other low-income rental. They don’t know how to manage money, and they don’t take care of the property.
With college kids though, you can get mommy and daddy to co-sign. Some students will also pay up front a semester at a time when they get their housing check, though in practice I’ve only had very few actually do this.
I’ve noticed that they are less likely to report a problem with the house, so it might be in your best interest to inspect monthly to check for leaks/mold/etc and always get a security deposit. We collect a deposit equal to one month rent + $50.
Some people I know that have been successful try rent to girls and have parent co-signer.