multi leasing

[1911naomi]

I live in the Gold Coast.I am considering buying a 5 bed 2 bath home in Southport for approx $450k-$480 k and multi leasing each room out individually to student.

Southport is close to griffith uni, english schools in sthport and surfers and aslo gc tafe.

What does everyone think about multi leasing a property?

Does anyone have experience in doing this?

Does anyone know what the requirements are??

Any other advise??

Thanks

 

[moyjos]

Naomi, go out right now and buy this month's API mag there is an article about just this.

http://www.apimagazine.com.au/

 

[Glucose]

Yeah, it's bloody hard work.
Banks don't like it, so you could scotch your finance application if you say it's for student accommodation. Be careful of council by-laws and regulations.
And then there are the students who will treat you more like a den mother than a landlord sometimes. Phone calls early in the morning complaining about so & so spending an hour in the shower and not leaving any hot water. Phone calls complaining about disputes over who ate who's food in the fridge.
You will have higher running costs etc as you will be paying the utilities (can't meter separate bedrooms and shared common areas). Watch out for all the extra electrical appliances they will bring in that will chew your electricity. You'll just get all the rooms let and someone will give notice because they don't get on with someone else, or they want to move to another house where they've made a friend etc. If they're uni students, you'll have a couple of months vacancies over the summer hols etc. Oh, and lots lots more.
Having said all that if and when you get a good bunch in who stay for a decent length of time and behave themselves and pay their rent on time etc etc, and if you have the energy, patience and time, it can certainly bring in higher rent than a normal tenancy.

 

[Xenia]

Lot's of pros and cons, I have alot of experience in this but no time to get into it.

Due your homework and know exactly what you are getting into.

 

[1911naomi]

Naomi, go out right now and buy this month's API mag there is an article about just this.

http://www.apimagazine.com.au/

I know! Thats where i got the idea from. So motivating!!

 

[1911naomi]

any help

so can anyone help me. I cant seem to find any books on it or website. I dont know where to start. Easy to find a 4 or 5 bdrm house but then what??