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My family has a rental property in a college town that I managed until I moved too far away, so all of our tenants are college kids. We always make them have cosigners so if the kid is a deadbeat and doesn't pay rent we can hit up the parents. We haven't seen too many problems... yet. Mostly them being overdramatic about routine maintenance issues ("the garbage disposal is making a funny noise! WE ARE GOING TO DIE"), or them ignoring issues until we call them going "yo WTF?" after receiving a $100+ water bill (normally ~$40) and them going "oh yeah a toilet's been running..." It's mostly issues that arise from them being away from mommy and daddy for the first time and not really knowing what's "normal" for apartment living. We include water/sewer/trash in our rent because if the kid decides they don't have to pay bills (a lot of college kids don't realize you have to go pay bills and they don't magically pay themselves  ) then it can come back to bite us since the town can place a lien on the property for unpaid utility bills. We don't want to get into legal/credit trouble because of some dumbass tenant. This is definitely a thing you need to look into when buying a rental property.
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May 19, 2013 15:10
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| # ¿ May 8, 2024 21:21 |
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That's just sad. I'm planning on a week of thorough scrubbing of my place after I move out. Renting to undergrads is both good and bad-- you pretty much have guaranteed occupancy so your place is never unoccupied for long and you can require cosigners on the lease so deadbeat tenants aren't too much if a problem; but you have to deal with kids living on their own for the first time which is often disastrous. If you do rent to undergrads, have a party clause in your lease. Ours says no gatherings of more than 10 people. They will ignore it and still have parties, but if they clean up well you'll never find out. If they ruin the place, you can hammer their rear end for lease violations. The legality of this may vary by state so you might want to check.
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May 23, 2013 22:25
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Edit: misread that as you renting from a company with lots of litigation against it, but I think my post should still stay here: As someone who owns a unit in and lived in a complex with a bankrupt management company with all sorts of litigation against it, RUN. The individual unit owners couldn't take over the HOA till they'd sold a certain number of units, but they went bankrupt and never finished selling or even building the remaining units so we were poo poo out of luck (and still are). Here's a wonderful sampling of poo poo that happened to me as a tenant:
We'd already put money down so we stuck it out. There's no way I would've put up with that poo poo if we hadn't already put down a downpayment. I lived there for three years during which no one new moved in aside from people's roommates moving out and new roommates moving in, it was really fun as a college student because all of our families owned our units so we could basically do whatever we wanted without landlords getting upset, but as a landlord it was a freakin' nightmare. Problem! fucked around with this message at 03:01 on Aug 30, 2013 |
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Aug 30, 2013 02:56
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