Hi All,
Just a question,
How many here have tried room to room rentals to students or non – students.
I am currently doing some research and just want to understand the PROs and CONs pple have experienced.
Your input is much appreciated
Vluu75[thumbsupanim]
Morning.
I purchased a house near a uni and then set about splitting it up into as many bedrooms as possible. Each bedroom had an indivudual key lock, and I put a bar fridge in each room and finally created a central ‘lounge’ for all to use. The rental proved to be nearly 100% more than the repayments. This attracted international students by the bucket load. They paid a year’s rent up front and for an additional $10pw they paid for the electricity account.
Hope this is reply. It can work.
Gerry G.Gerry G
Morning.
I purchased a house near a uni and then set about splitting it up into as many bedrooms as possible. Each bedroom had an indivudual key lock, and I put a bar fridge in each room and finally created a central ‘lounge’ for all to use. The rental proved to be nearly 100% more than the repayments. This attracted international students by the bucket load. They paid a year’s rent up front and for an additional $10pw they paid for the electricity account.
Hope this is reply. It can work.
Gerry G.Gerry G
Hi,
Thanks for ur reply..
Did u provide Beds, lounges etc…?
Any issues u had?What to watch out for..what not?
Did u buy in Melbourne?
Ur input is much appreciated
Vluu75
Morning.
I purchased a house near a uni and then set about splitting it up into as many bedrooms as possible. Each bedroom had an indivudual key lock, and I put a bar fridge in each room and finally created a central ‘lounge’ for all to use. The rental proved to be nearly 100% more than the repayments. This attracted international students by the bucket load. They paid a year’s rent up front and for an additional $10pw they paid for the electricity account.
Hope this is reply. It can work.
Gerry G.Gerry G
No, the students brought their own furniture.
It was on Dandenong Road near CIT.Gerry G
Thanks,
CIT is near Monash right?
Btw why u posting ur earlier posts again?[blink]
But thanks for u input
Gerry, how much do you charge them?
are you winning with the $10 per week electricity?Thanks for asking this question. Its something I am looking at myselft at the moment.
Do you have a property agent who handles the rental agreement or do you do so yourself. How do you find tenants – do you approach the uni’s or put an add in the paper? Why criteria do you use to find a place – do you look for a minimum of say 5 b/r, 2 bathroom, within x km of the university – anything else?
Hi all,
It’s quite thin in information in this tread as we’re finding out. Kindly elaborate if there is any Tenancy Agreement(s) signed here, Gerry G.
I’ve no local (Melb) experience in subletting rooms to property for investment. I’ve experience as a student tenant OS (Malaysia), there is usually a TA in placed for a head tenant to take reponsibility of rental remittance of the building to minimise hassle of collections from individual tenants. Bonds are stipulated for security, an exit clause is too important (all too often overlooked) to leave out in TA in this scenario.
In the end, the quality of tenants you get hold the key to your success. Using a property manager may be a good idea to separate yourself from tenants’ issues while maintaining control on the decision outcome. They come in handy to source tenants for rooms when available as well.
Anyway, what do I know …. still learning the ropes.
CT
Hi all
Is there any permit or licences need via the council etc.? Boarding House?
what sort of Bathroom to Rooms ratio do you need?
What sort of Insurance is needed?
Do you furnish common areas ie Kitchen / lounges? T.V / fridge / wash Machine/dryer / kitchen ustensils etc
Parking?
Laundry?
phone / internet ?
There’s are start for replies to build a knowledge base for all.
celeste
I have been doing this for the past three years.
It is working well and I have developed a number of strategies to combat all the negatives.
Do a search as I have written about it a number of times in this and other forums.
Alternatively drop me an email with specific questions and I will try to answer them. Please don’t ask me to tell you how to do it – I haven’t the time or inclination to write pages and pages. Just adress a number of points.
I will try to do up an info sheet on my experience as I find I answer this over and over again.
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.
I set up and manage these types of accomodations for investors in SA.
It’s difficult to tell people everything about multi-tenancy accomodations on one thread, there is alot to it!
I have an information brochure I put together for our landlord clients. Please email me [email protected] and ask for
the “information for investors” brochure. I would be happy to attach it! [biggrin]Investment Property Management
http://www.adprop.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
