#222: Student Rental Pro - The Mad Scientist of Student Housing

On this episode, Chris chats with Twitter's Anonymous @StudentRentPro on every trick in the book for how to strategically manage student rental properties. They deep dive into the economics of how to put together a profitable student housing deal, what matters in a student lease, and funny stories from the trenches of managing students. Enjoy!

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00:23 - Student Rental Pro’s background and RE Portfolio

02:35 - How did you get into student rentals?

05:24 - What matters most in a great student rental location?

08:43 - What’s your process for leasing a house for the upcoming school year?

11:27 - What are the big things that matter in a student housing lease?

13:59 - Why do you not include parental guarantors in the lease?

17:12 - Do you do any kind of due diligence or application on the students who want to lease?

18:28 - How do you handle parent complaints & work orders?

24:40 - What’s the process of turning the house over from previous tenants to new tenants?

27:41 - Do you provide house cleaning?

29:32 - What amenities do you provide?

31:50 - What are the tenants allowed to do in terms of drilling into the walls, painting, etc?

33:38 - Pets or no pets?

34:29 - Do you provide appliances?

35:43 - How do you think about deposits?

48:17 - How do you deal with police being called over a party?

51:10 - How do tenants communicate with you and what is your manager’s job during the year?

56:50 - What’s the process of selecting a tenant to be “House Manager”?

57:50 - What stands out to you when looking at properties that will maximize rent?

1:03:17 - Who does the yard work?

1:06:10 - What are the most common maintenance issues you see and are there any preventative measures you take?

1:09:57 - What’s the % increase you’re getting on rent with students as opposed to traditional tenants?

1:12:22 - What’s the direction of your portfolio?

Twitter Questions:

1:14:06 - Do you compete against institutional capital?

1:15:38 - What would you prefer if you were to extend into a new market: A college-town or a town with a college in it?

1:19:53 - SRP’s Acquisition Was Based on Listening to the Podcast

1:24:18 - Storytime w/ Student Rental Pro