WEALTH WON'T WAIT: ESCAPE THE 9-5, REGAIN YOUR FREEDOM, AND LIVE IN ABUNDANCE by Mike Desormeaux

Author:Mike Desormeaux [Desormeaux, Mike]
Language: eng
Format: epub
Published: 2020-10-02T00:00:00+00:00

Leases

When purchasing a student rental, it is vital to know the lease cycle of the university. Most universities, but not all, have lease cycles running from May 1st to April 30th,, while others may run September 1st to August 31st. These are 12-month leases. Although most students’ courses run from the beginning of September to the end of April in any given year, these students are still paying rent in May, June, July, and August when they are probably not even in town and back home living with their parents. Since these are year-round leases for students, there is no gap in rental income over the summer for the owner.

If you have students who have graduated and are not renewing their lease, you need to know when the advertising and signing of leases start. For example, leases for properties around the University of Western in London and McMaster University in Hamilton run May 1st to April 30th. However, landlords advertise up to seven months earlier, i.e. November, December, and January. This is a critical time to remember. Keep in mind that most students are busy with midterms in March and April. After that, they go home for the summer. It’s very important to have your lease signed before the rental window closes.

When getting a lease signed, parental guarantees are a must. Just knowing that their parents would get a call and be responsible for any damage or rent arrears makes the students proactive and cognizant to behave.

One of the things I always recommend to investors when we are putting an offer on a student rental is to select the property that has the largest bedrooms and smallest common area. Students practically live in their bedrooms. They need a bed to sleep in and a desk and chair to read and study at. Getting a property with large bedrooms is very attractive to students, since technically, their room is their living space, much like a bachelor apartment. Choosing a house with a small common area (living room) also deters them from group gatherings and parties. These students will go over to the house a few doors down that has the much bigger common area, party there, and then come back to your place to sleep.

A good thing to point out to the students and leave somewhere obvious like on top of the fridge is a binder with details for them such as the closest amenities, like pizza shops, grocery stores, banks, convenience stores, coffee shops, pharmacies, as well as the garbage and recycling pickup dates and times. If you’re providing Internet service for them, you will want to give them that contact, a copy of their lease, and local bus routes and times.

If you choose to self-manage a student rental, it’s a good idea to have a lock box on the property to secure keys in. This will save you from unnecessary travel time to handle small problems like a student locking him/herself out of their room or a contractor needing to get into the property.

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