What are your thoughts re: renting to overseas students?

[Perp]

I imagine they would be within their rights to ask for the extra cash back once they are in the property anyway.

And if anything goes to tribunal, you have a mark against you and a whack over the knuckles

And an $1,100 fine.

 

[Perp]

Hey Perp,

There is a side to this that you do not know.

This money is not the student's. It comes from the parents.

Why would you assume that I don't know this?

A little over 12 hours ago - 8:39am post in this thread - I said that I've had hundreds of student tenants and that I've found that they make good tenants because most of them have families that have worked very hard to send them here.

So I don't know why you'd think I didn't know that.

 

[impala67]

...I have always welcomed students. I would usually ask that they find a reputable guarantor who would co-sign the lease. Never had any problems when I did it this way...More often than not co-signees were usually members of the extended family or reputable friends.

+1 - same here for a unit. 1 of the two tenants left after 3 months into a 14 month lease. Parent paid the rest and moved in, in the later part of the lease. Mine were locals though.

 

[PropertyProfits]

I imagine they would be within their rights to ask for the extra cash back once they are in the property anyway.

And if anything goes to tribunal, you have a mark against you and a whack over the knuckles

I speak from personal experience.

The differrence between a good tenant and a fantastic tenant is only money management.

I have had tenants earning in excess of $250,000 not able to pay rent on a monthly basis. Mate with that kind of a salary would't you expect the guy to have some savings or is he justified to also be living check to check and not make paying his rent on time priority but ensuring all 4 cook stoves have their ignitors are working or else he will take you to the tribunal.

Traffic works both way buddy - not one way.

 

[PropertyProfits]

+1 - same here for a unit. 1 of the two tenants left after 3 months into a 14 month lease. Parent paid the rest and moved in, in the later part of the lease. Mine were locals though.

The advance rent even sorts this issue out.

This is the biggest problem with the students. They have differrences, why should the landlord be at the receiving end. If the rent is paid in advance, they have enough time to sort things out - if the rent comes in every 2 weeks, one of them is gone and the other 2 cannot afford the rent. Who is left feeling sick.

I was managing a penthouse in the city where supposedly there were only 4 students living there. Strata sent photos of 2 bunker beds in each of the 3 bedrooms to the landlord. We could not believe it.

The lease was expiring and they wanted to renew it. There was only 1 condition - the rent would have to be paid on a monthly basis. Sure enough in 2 months, the rent first started coming in 2 lots a week apart and then almost 2 weeks apart.

I visited the place without notice with security only to see 6 bunkers in 3 bedrooms - with my landlord's penthouse being lived in as a brothel.

Worse still, the tenants on the lease were not even staying there. In fact they were making $800 a month from these guys.

 

[PropertyProfits]

Why would you assume that I don't know this?

A little over 12 hours ago - 8:39am post in this thread - I said that I've had hundreds of student tenants and that I've found that they make good tenants because most of them have families that have worked very hard to send them here.

So I don't know why you'd think I didn't know that.

It takes a while for immigrant kids to become responsible with their money.

This responsibility usually kicks in when the overseas money stops flowing in which is usually when the parents say screw you either come back join the family business or else fend for yourself. I am not saying all kids are not responsible.