“Of course, you can always do student rentals, but who wants all the hassles that come with that kind of investing?” Those were the words of a speaker that was at the front of the room at our local Nanaimo Real Estate Investing Club meeting recently. I tend to agree with him. Student rentals seem like a lot of work and a lot more potential problems than a typical rental.
But, the reality is that there are a lot of opportunities in cities across Canada and the US to provide students with a great home and make some great money doing it.
Like every real estate investing strategy, however, there are good ways to approach student rentals that will minimize your challenges, and there are the ways that most people do them (and end up hating them).
To learn the right way to approach student rentals, we brought our VIP and Mastermind Level coaching clients on a bit of a road trip recently, right into the offices of Nick and Tom Karadza of Rock Star Real Estate in Oakville, Ontario. Two guys who have a student rental system dialed in and ready to roll out for any investor. And, they approach real estate in the same realistic and honest way that we do. So it was a perfect opportunity to teach our clients and learn a few things too!
Today, I have 3 really key tips that we learned from Nick and Tom that I want to share to help you if you’re considering student rentals for your portfolio..
What is the First Step When Doing Student Rentals?
In this video, you’ll learn how to set up your student rental business so that you attract the best students and have a simpler business right from the start. It’s so simple yet so few investors actually do this.
How to Reduce Potential Problems with Student Rentals
Most of the problems with student rentals arise when the kids renting the property do not get along or do not treat the home with respect. There is one really important thing you can do to reduce the issues right at the start. This video will explain it.
The Seasons on Student Rentals – When Should You Start Looking for Your Student Renters
Once you know the key tip (above) the next task is to be able to find groups of students to rent your house to. Part of that comes in knowing the best size of home to have available to attract a great group, but the other part is in timing your rental search.
A huge shout out to Nick and Tom Karadza of Rock Star Real Estate who spent the afternoon with us and our clients in June. If you’re in the Toronto and Golden Horseshoe area and you’re thinking of student rentals, call their team. There’s nobody better you could work with to get yourself set up doing student rentals in Ontario.
