- MyPIMember@mypiJoin Date: 2004Post Count: 1
Does anyone have an investment property that is rented out to students? ie rented out on a per room basis rather than as one property.
If so, could you share your experience? Such as:
1. Amount of rental compared to if it was rented normally?
2. What are the good suburbs near universities that lend themselves to this kind of investment?
3. What headaches or joys you have had?
Thanks in advance,
myPIgeoMember@geoJoin Date: 2003Post Count: 1,194
You can call Fletchers Real Estate and ask them about their student apartments on Ballarat Rd. Footscray that their selling for VUT Footscray Campus students returning 6%. Obviously I didn’t go with them because although they guaranteed the return , it was only 6%.
To answer your question, the rent of the rooms can vary depending upon the agreement of the tenant, the location and the emenities that each student has (ie. one student might have a bathroom in his/her room) thus paying higher rent.
To your other question – there are usually alot more risks involved – students moving in and out all the time, students destroying the apartment(but then again, if you’ve got tenant insurance, you should be right)
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out howjars11Member@jars11Join Date: 2003Post Count: 92
I get $375 a week instead of $230 / wk permanent rental. As for students, it depends on what you have, mine are not only not paying rent, the pigs are trashing the place and the useless agent better where body padding when I meet him this month.
anyway, thats me…
JarsgeoMember@geoJoin Date: 2003Post Count: 1,194
dont wait till next month – sort things out now. If there trashing the place – get rid of them and get new tenants and get a different Property Manager to manage your property.
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out howMortgage HunterParticipant@mortgage-hunterJoin Date: 2003Post Count: 3,781
Wow – my experience is the opposite! I have four medical students and a doctor in mine. Yes a doctor just moved to Australia to do some training (the med students love having him there!).
The place is always spotless and I have had no repairs other than a dripping tap etc.
I am in there every fortnight as I do the lawns and “pop in for a glass of water and use the bathroom” each time so I have good cntrol over the place.
This can be a very positive or negative experience – is up to you!
All the best,
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.DerekMember@derekJoin Date: 2004Post Count: 3,544
One of our 3 bedroom properties has been rented to international students for the past four years. We furnished it to make it more attractive to O/S students and have not had a problem with the tenants.
In one year we were without tenants for around 6 weeks at the end of the academic year but have now structured leases on a 12 month basis to minimise the likelihood of this happening again.
Property Investment Support Available. Ongoing and never stopping. PM welcome.rmkMember@rmkJoin Date: 2004Post Count: 14
Hi, Cant see what state you are in – I have property in an area in Qld close to Uni and Hospital and have found if the agent finds me tenants they are not the ones i’d like (move out, damage etc etc.)
I go to the Uni and make up share adds (my property has five bedrooms and is set up for student rental but is a family home) But I have recently in the last two years changed my way of doing the tenant letting to what in Qld is Boarding..
All rental bond legislation applies however if I provide service which is a TOP way of protecting my investment it is classed as boarding so I provide gardening once a week and housekeeping by way of floors and washing once a week.
Now this has done two things – the tenants i found two years ago ARE still there… The people who clean and garden see the property every week and if there were to be any problems re damage etc etc I would know weekly. however there has not been and everyone I’m so pleased to say is happy…
I dont know if this would work in your situation however I though I would leave it with the agent with the first year and had nothing but trouble.
My solution provides these students with an in effect boarding house – they can get on with studying and partying, they do not have to concern themselves with grass or mopping floors the cleaning day was agreed to by all and is still the same two years later.
Rental $ is at a premium and I have chosen to give each tenant their own agreement meaning if one of the folks moves out, i am only down one fifth of my rental income and their is no pressure on the tenants to replace, I would always give them the option of finding someone new but if they did not want to I would have no trouble.
Just my experience.
You dont say what size ie bedrooms etc.
I have also found if there is a Police station and you ask to put up a notice on their internal board ( with a favourable rental – great tenants )
Hospital notice boards.
Unfortunately my experience with agents has never been too favourable although i do use them.
Also the big MUST is INSURANCE !!!