I`m considering a student rental in the near future, from what I have gatherd most students sign leases from May/May or Sep/Sep. Everyone I speak to tells me that they sign leases in Jan for May. If I purchase for January signing, the property will be vacant until may. Does anyone have any suggestions or past experince to share.
QUOTE (DCardona @ Jun 3 2009, 09:07 AM) Hello Everyone,
I`m considering a student rental in the near future, from what I have gatherd most students sign leases from May/May or Sep/Sep. Everyone I speak to tells me that they sign leases in Jan for May. If I purchase for January signing, the property will be vacant until may. Does anyone have any suggestions or past experince to share.
Thanks
Derek
Why not buy an up and running student rental that has ongoing cashflow?
Mine is for sale but I have not listed it yet.
It is in Waterloo a 15 minute walk from UW and is fully rented till end of August for $1990 monthly.
Please contact me if interested.
Hi Derek
I deal with hundreds of student bedrooms in Waterloo and can answer this.
Re " most students sign leases from May/May or Sep/Sep" Yes most are on this. A few on January. Occasionally pick up some on other months but rare.
Re "Everyone I speak to tells me that they sign leases in Jan for May." It will depend on the city. In Waterloo this is true but I`ve also rented for a May start in November... and in April.. and in May... I even just had one I rented for June 1st for 11 months but much harder to do / fewer people...
Re " If I purchase for January signing, the property will be vacant until may. Does anyone have any suggestions or past experince to share." I`m not sure I understand what you mean - please clarify if I`m incorrect - but if your looking to purchase a property rented until the end of December (or vacant and your closing in January ? ) then if in Waterloo you`d want to rent it for a four month lease term starting January to co-op students.
A bigger question you`d need to ask is it rented until the end of December only? Is this even a suitable student property?
Let me know if you have any questions.
QUOTE (DCardona @ Jun 3 2009, 11:07 AM) Hello Everyone,
I`m considering a student rental in the near future, from what I have gatherd most students sign leases from May/May or Sep/Sep. Everyone I speak to tells me that they sign leases in Jan for May. If I purchase for January signing, the property will be vacant until may. Does anyone have any suggestions or past experince to share.
Thanks for the quick reply. What I meant about the purchase date was, if students rent in may 2010 and I buy in aug 2009 then i`m stuck having to rent out the place for 8 months until the student is in for May. What type of zoning by-laws are enforced with 6 of 7 bedroom homes in waterloo?
Are you buying a property that is not currently a student rental? If you are not, will you be able to prove the projected income to the lender? If are buying a student rental you will inherit the current tenants and receive the monthly rent. I`m not too sure of what you are asking here.
I agree with Ed - buy a property that is already a student rental.
You will want to take Adam`s advice on any student rental; he is the expert when it comes to student rentals.
I`ve copied your post and responded beside it in red for ease of reading.
Re "What I meant about the purchase date was, if students rent in may 2010 and I buy in aug 2009 then i`m stuck having to rent out the place for 8 months until the student is in for May. " This would be a good thing if you were wanting it on a May start date. It`s easier to rent, and you can get a higher price if renting for an eight month lease.
What type of zoning by-laws are enforced with 6 of 7 bedroom homes in waterloo?" You can`t have a more than three unrelated renters in a unit. To have six renters it would need to be a legal duplex or greater or have a lodging license for six. For seven renters same idea - except you could also have a duplex with a lodging license in one unit (ie a 4+3 setup, etc..) or a triplex with no license.
Any chance you`ve conditionally purchased a property on Cardil?
QUOTE (DCardona @ Jun 3 2009, 09:38 PM) Hi Adam,
Thanks for the quick reply. What I meant about the purchase date was, if students rent in may 2010 and I buy in aug 2009 then i`m stuck having to rent out the place for 8 months until the student is in for May. What type of zoning by-laws are enforced with 6 of 7 bedroom homes in waterloo?
Thanks for the quick reply. What I meant about the purchase date was, if students rent in may 2010 and I buy in aug 2009 then i`m stuck having to rent out the place for 8 months until the student is in for May. What type of zoning by-laws are enforced with 6 of 7 bedroom homes in waterloo?
Thx
Hi Derek;
Think about the situation where you buy regular residential property in August. And the tenants give you notice in October they are leaving.
I would would much rather prefer to have an eight month lead time on a student property where start and end dates are pre-determined than sixty days to figure something out on regular residential rental.
Most people usually buy in January to March with the idea that they are able to pick their own tenants for May or September. Buying something now - with leases already in place - is a landlord`s dream.
QUOTE (EdRenkema @ Jun 3 2009, 09:53 AM) Why not buy an up and running student rental that has ongoing cashflow?
Mine is for sale but I have not listed it yet.
It is in Waterloo a 15 minute walk from UW and is fully rented till end of August for $1990 monthly.
Please contact me if interested.
Hi Edward,
Can you please e-mail me the figures and address to derekcardona@gmail.com.
QUOTE (EdRenkema @ Jun 3 2009, 10:53 AM) Why not buy an up and running student rental that has ongoing cashflow?
Mine is for sale but I have not listed it yet.
It is in Waterloo a 15 minute walk from UW and is fully rented till end of August for $1990 monthly.
Please contact me if interested.
Please send me details of this property.
Also, if you do not mind sharing, why do you want to sell this?
QUOTE (EdRenkema @ Jun 3 2009, 12:53 PM) Why not buy an up and running student rental that has ongoing cashflow?
Mine is for sale but I have not listed it yet.
It is in Waterloo a 15 minute walk from UW and is fully rented till end of August for $1990 monthly.
Please contact me if interested.
Hi Ed,
I`m also looking to invest in student rentals in the Guelph and KW areas. Can you please send me the details of your property and the reason you are considering selling it. neerajbhardwaj@hotmail.com
