Hi all!
I’m interested in the concept of sub-letting rooms to uni students and would like more info.Now, I did a search on this and found there were alot of people who just gave reasons not to do it. Please!!! I’d appreciate some advice from people who have done it or know people that are doing it.
Your advice will be greatly appreciated!
I have never done it, but know people who are doing it full time and making a successfull business out of it!
Like anything else, you need to give it time and specialise in it, know the area!
what specifically do you want to do?
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582Danny I have done it, if you have heaps of time it can be good but if you don’t have the time don’t bother it can be a handful
Monopoly, my favourite game
Is it legal to do this?
If you sub-let, you could be made responsible for everything ‘your’ tenants do to the property, I assume?And why do you not want to hear from people who advice against it? Don’t you want to look at it from all sides, good and bad, happy and sad, before you decide to go ahead?
IMHO the more info you can scrape together the better prepared you will be, even if it means scraping info out of the gutter
).
Look at positive and negatives sides; if you block out people’s negative experiences or refuse to look at the general negative points, you may be in for nasty experiences yourself and it will be too late.Celivia
yes it is legal and yes you could be responsible for damages. That’s part of the business. Every business has its own unique risks. I don’t necessarily see it as a reason to not do it!
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582Yes, so it is legal. I found this site that may be of interest, Dannyboy.
Good luck.[buz2]
Celivia
i am also looking to do this as it seems to be a good way to get some extra income to help build som ecapital for the othe rinvesting strategies.
My question is on structure, how would you set it up? Especially if one has a partner?
Hi Dannyboy,
Not sure what sort of subletting you’re referring to? Are you wanting to rent a house with yourself having the head lease and from that sublet the individual rooms or are you looking at buying a house and subletting the individual rooms?
We’re doing a bit of both and yes its extremely hard work and alot of patience is required however, the rewards can be great. Its very time consuming however, on the up side its a form of renting out your house that will give you more income.
99% of our students are International students and we’ve never had any probs with them. It might be that we’ve been really lucky but we’ve not yet had a problem with any of the students.
We use a third party company to do the direct debiting as we ourselves aren’t permitted to direct debit the rent from their account but this has worked out for the better because the company we use provides reports to us for every debit they make so record keeping wise its cut our book keeping down by 50%.
One thing we’ve found is because there are so many people living in the house, its alot more difficult to share the cleaning of the common areas so we pay a cleaner to come around once a fortnight to clean the kitchen, lounge, dining, hallways, bathrooms and toilets.
Hope this information has helped you out in some way.
Cheers,
Kim
Thankyou all for your input. Appreciate it!!
Just a couple of questions though…1. How would you go about advertising for tenants? Would putting up signs around uni’s attract tenants quickly enough?
2. Is this the right strategy to be applying at this time of the year, since uni’s coming to a close for the year?
Hope to get some feedback.
Regards…
Daniel
Notice boards at unis has worked well for us. We’ve only ever had to advertise in the Newspapers once or twice and we didn’t get a single phone call out of it so we’ve stopped doing that.
We also get a few through word of mouth.
Yes this time of the year is not the best time to start as Uni is coming to a close in the next few weeks and many international students do go back to their home countries for the holiday period.
However, it may be an idea to advertise in the paper during this period as there wouldn’t be alot of students floating around the uni’s xmas/new years time (understandably so).
Hope this helps.
Kim Anand
[email protected]“Money Can’t Buy you Happiness but it Does Bring you a More Pleasant Form of Misery”
We do it in a home we own and find that advertising on the uni accomodation website gets us tenants no problems.
It is more hands on that other IPs but I enjoy it and the kids I have a pretty fun people. I mow the lawns and pop in for a drink or toilet break every time – lets me have a good look around and I am always happy with things. Then again I am no tidiness freak!
In Feb I could fill 20 rooms easily. This time of year it is harder – I have one room empty and am struggling to find someone. Can discounbt heavily and fill the rest of the year but it is a little unfair on the other kids who are paying full rent. So wil lwait until they all leave end semester next month and rent the rooms for 50% to short term Asian English language students.
I like it.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks guys!
Just one more question if that ok.
…Should I bother with furnishing the place at all? eg – a lounge, table, beds etc… or just leave it bare. I’m guess I wouldn’t need the beds?
Daniel
New students arrive with a suitcase.
I furnish mine right down to desk lamps and teatowels.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
New students arrive with a suitcase – esp OS ones.
I furnish mine right down to desk lamps and teatowels.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi there
My Uni daughter lives in a college on campus. This costs me around $285 per week. She gets full board, and her room is cleaned once a week and sheets changed once a fortnight.
Internet is extra, as is phonecalls. She also has a phone in her room.
Just thought this might help you, Dannyboy, with your costings.
I have found this to be the most economical way for us to have her go to uni.
Would you get your students to sign a lease, Dannyboy ?
Is there a shortage of Uni accom. most of the students in my daughters college are OS.
Pen
We fully furnish ours with everything they would need such as bed linen, powerboards, desk lamps etc.
Its furnished to the extent that they can just move in and not have to worry about going out to buy anything.
Common areas also have lounge, dining table and chairs, fridge, dishwasher, washing machine, crockery, cutlery plus we give them a few extra things around the house to make their time more enjoyable there.
Kim
Kim Anand
[email protected]“Money Can’t Buy you Happiness but it Does Bring you a More Pleasant Form of Misery”
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