Student Lets

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Student Lets

    I have been letting properties for about 6 years and whilst I only have 2 properties at present I am not totally green about letting, having been through an eviction using bailiffs and the recovery of rent from a guarantor, not to mention some flooding. Whilst not being green, I would still never claim to be an expert.

    I had found that I was not able to get the returns I needed on one property and sold up. This has left me with a rather nice pot of cash for which I have been looking for investments. I have made a lot in the way of cash from equity in properties, but would now like to change strategies to receive a higher income.

    Four houses have become available that are at present student lets. The income looks good, but there is that niggle in the back of the mind about student lets and so I'm standing half way not knowing whether to take the plunge or not.

    With this in mind I would be grateful to anybody willing to share their experiences, good or bad, or for any advice they may care to offer.

    Thanks

    #2
    which city are you looking at?

    i am an expert in newcastle (if you call 1,000 student lets an expert) and know a little about other cities but my advice would depend a little on where you are looking to buy.

    personally i think letting to students offers many advantages, including:

    full year lets with reduced void periods.

    getting parents to guarantor rent and having a number of liable shrarers reduces lost rent.

    better returns on properties.

    but their are a few cities that now don't look too good to me, places like manchester, liverpool and leeds have issues with an excessive number of halls rooms and letting is very heavily controlled by the universities.

    i think succesful letting to students involves a very good knowledge of what they want from a property and where they want to live, i see many people come to me with unsuitable properties, in the wrong areas with very strange ideas about what students want from a property. people says things to me like:

    "well they don't need a living room do they? so i can rent this room as a bedroom too" - wrong

    and

    "well they are going to trash it anyway so i'll just buy this crap furntiure from a charity shop/pull it out of a skip" - wrong

    in my experience students are quite particular about what they want and they don't live like the 'young ones' any more!

    in general i would say take a good look at what is around, which areas they like, speak to good agents who will give the best advice for local conditions.

    if you want to buy in newcastle i am more than happy to help.

    Comment


      #3
      - Students have a rather unfair bad press. Yes they are noisy, and dirty, but they do not usually damage for the sake of damaging.
      - When decorating, get modern decor at a cheap price. Basically Ikea it, and the students will usually keep it pretty much up to scratch. If you are still worried about damages, take a higher than average damage deposit.
      - My suggestion for areas would be "decent" universities that aren't going to be charging top up fees. Then obviously look more in depth at the universities.

      The rest I totally agree with Jonboy. And yes, you can't go wrong area wise in Newcastle! Ideal place for student letting :P
      Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

      Comment


        #4
        Thanks to both Jonboy and MrShed for your comments which I have taken on board. I am pretty certain that I am now sold on the idea, it’s just a case of trying to convince she who must be obeyed, that spending £500,000 on part of somebody else’s up and running portfolio is a good idea.

        Comment


          #5
          where in the uk are you looking, just out of interest?

          Comment


            #6
            and just tell the wife you met a couple of blokes on the internet who said it was a good idea, that should sell her lol

            Comment


              #7
              We're in Bedfordshire, so a little way off from yourself. As for telling her about two blokes on the internet, I made her sit down and read your replies. Thanks again.

              Comment

              Latest Activity

              Collapse

              • Reply to Newish landlord queries
                by ash72
                The agent fees seems reasonable, the fully managed service still means the LL is contacted and updated on issues (I would rather know what is happening with my property, then just getting billed for the works. You also have the options to use them or you get your own person to do the remedial works,...
                07-07-2020, 10:48 AM
              • Newish landlord queries
                by martysparty99
                Hi all, first time here and looking for some general advice.

                Be patient with me as I am a first time landlord!

                Let my property back in feb, used an agent that I used to sell our house last year. He said he could do me a good deal on fully managed. 7% which I think is a good...
                07-07-2020, 09:57 AM
              • Reply to Deposit Issue
                by jpkeates
                If you do it sensibly, your tenant may well agree.

                It's been years since I had anyone seriously challenge a claim I've made.
                And I was probably a bit optimistic back then!
                07-07-2020, 10:47 AM
              • Deposit Issue
                by tenantputney
                Q1 – Where is the rented property located (England / Wales / Scotland / N Ireland)? England

                Q2 – What type of Tenancy Agreement (TA) is this e.g. sole tenant / multiple tenant / room only? Multiple Tenant

                Q3 – What date did current TA start dd/mm/yy? July 2017

                ...
                23-06-2020, 12:20 PM
              • Reply to Newish landlord queries
                by jpkeates
                You need to work this out with the agent.
                Some landlords like everything to be run past them, some set a limit which the agent can simply authorise - it's a matter of trust and practicality.

                My agent runs anything over a limit past me, but uses emails, so I don't get interrupted if...
                07-07-2020, 10:45 AM
              • Reply to Newish landlord queries
                by theartfullodger
                Join NRLA and do courses on being a landlird:. Much cheaper than the alternative (lack of knowledge) in both time and money. Even with agent you remain responsible for everything (but may have a later claim against agent).

                Have you very carefully read your agreement with agent to find...
                07-07-2020, 10:11 AM
              • Reply to Deposit Issue
                by shoobydoo
                Thank you. I will go for cleaning costs and will live in hope that the adjudicators may allow me something.
                07-07-2020, 10:07 AM
              • Reply to Suing the Guarantor (small claims court)
                by jpkeates
                You need to sue both of them, or just the tenant.
                If you sue the guarantor, they have a simple defence, in that you haven't exhausted your attempts to recover the money from the tenant.
                07-07-2020, 09:23 AM
              • Suing the Guarantor (small claims court)
                by hadiolar
                Good morning,
                Hope I can get some clarity to my issue
                Background
                Tenant left in April 2020 with monies owed (Court eviction active)
                outstanding rent-£8000
                damage to Ppty-£3000
                letter before action sent to both tenant and guarantor -No response and no payment made...
                07-07-2020, 08:03 AM
              • Reply to Suing the Guarantor (small claims court)
                by ash72
                Which form are you using, you should be using the N1 form, or do it online, the max. you can claim in small £10k.

                Success depends on your claim and how much supporting evidence you. Does the guarantor own a property? If so, I would be inclined to go for them, there is much more success...
                07-07-2020, 09:07 AM
              Working...
              X