(1)lease: try your best not to rent to first-year students, do a 360-day lease instead of a 365 one to have the 5 day gap to clean/renovate; if close to school, always do 12 month lease even for less rent, if far away from school, can consider 8 month lease; can do May to April instead of September to August; group lease for whole rent, but break down guarantors (2) use tile or vinyl plank floor instead of others --- laminate can be damaged quickly as they are not waterproof, don't install hardwood floor as too expensive, carpet can be dirty (3) locked out of the house --- number pad lock, smart key (need to be re-keyed), otherwise free for first pass, $20 fee charge for following ones, (4) conflicts between tenants: to get group lease instead of individuals, more them to a different house if needed/possible (5) rules to use to invest: $50K bedroom rule? not sure what that is, assuming it's about the house price vs the number of bedrooms for income (6) What to include in rent: include WiFi, high speed and unlimited, use same company to get a deal, DON'T cheap out (7) rent out garage: included in rent, (8) garbage: try to have handyman go in regularly, but don't get too personal/caring about your property (9) Do not rent rooms in the same house to people dating each other. Mixed house have more problems, all male or all female
Love your spirit and lessons with different ppl all the time. Great content! Hard not to write. Keep up the BRRRRight work! TIP: Why not make a video with 10 or more things to add in a rental apartment? Like the vinyl click floor, smartlock and so on, why and price examples saving this and that in future would be a nice bonus. I personally like making things nice, the right renters will keep it nice or take from own pocket to fix if you're lucky with the renters.
I LOVE this guide and all the helpful content! I’m watching everything and wish I could bookmark twice! Thank you! ua-cam.com/video/7noXPj2cflw/v-deo.html
Dilly Monster I’ve been trying to find info on renting to students by the room if the house is not zoned as a boarding house? Hard to find an answer. Any info would be appreciated. Thanks
Dan is so right about having a good temperament as a landlord for student rentals. Only 1/23 of my units is 4-bed student rental, and recently there was an issue with the garbage outside the property. I found myself getting frustrated, but it's important to not take it personally, keep calm, and just resolve the issue.
In the UK, around the outskirts of London. To start with just do higher end adult professional multi let. But open to doing student let's in future and also maybe off plan (for flipping) because there are a lot of new builds coming up in the coming years.
You are doing great for your age I am a new realtor in gta I have my eyes set on a student rental I wonder if you can help me with some questions as this is the first time ever i am trying to buy a property!
Hey guys thank you so much for the info! I have a 2 bd/2bth 1042sf condo next to California Institute of the Arts that I've been trying to sell but it's been hard due to high home rates. I decided to rent out to students but not sure if I need to furnish completely (i.e. beds or bunk beds, TV, couch, refrigerator, etc). Also, how do I determine rent amount t if one room is bigger than the other? Thanks again!
What about in Orange County California? There are 4 universities and Orange coast college which brings in out-of-state and international students. I believe some vacation rental companies near the beach rent out the apartments for 8 month of the year during the off-season to students and then during the summer they rent out weekly for much more than they get during the school year. What are your thoughts on short term leases in those situations?
Hey Matt, Dan, thank you so much for this very informative video. I still have to buy a student rental property. I was told that getting an insurance would be tricky. Do you have any suggestion on where to get home insurance for student rentals?
Hey Matt, new to your channel and digging it so far! I'm intrigued with the idea of student rentals and the increased ROI from renting by the room, but I'm curious about whether or not you can have a PM company take it on and if so are there any problems associated with going that route? Also If they charge a higher % as they're presumably doing more work with multiple leases/guarantors per property? Any insight is greatly appreciated!
Yes Student rentals often will be on the higher range of the spectrum for property management costs (to get a good one) - If you're interested in investing in Windsor - checkout my videos on Student rentals in Windsor to learn about some mentorship and JV opportunities.
Awesome video guys!! I'd like to pick your expert brains on student rentals. In your opinion what are the Pros and cons of investing in student rentals near Fanshawe vs Western?
Fast Response: Fanshawe - cashflow good, appreciation poor (normally that is - last 2 years have been an anomaly) UWO - appreciation good, cashflow poor, UWO I believe has more exit strategies as well Tenants.. Honestly both schools can have good and bad tenants.
How do you handle smoking ? Initially tenant mention/promise they don't smoke but later on you find out one of the person smoke ? How to prevent this ? and after you find out what can be done ?
I am a student coming this fall and was wondering about how do I find good landlords?? I am planning on renting a whole appartment/townhouse and I am really scared of finding some leeching landlords in WATERLOO.
I want to end a tenancy but the student wants to renew. Which form should I give them to leave by the end of the lease. I will be able to do it before the 60 day notice requirements.
i'm a new realtor in the GTA and i'm so happy I came across your channel! Absolutely love your content! Keep up the amazing content! I'm hoping to purchase my first investment property around waterloo or potentially london... can't wait to see your channel grow!
So there's a few things to discuss on this question. most banks will not approve you borrowing your downpayment, now some investors will dance around that issue by borrowing the money and letting it sit in their account for 60-90 days and then using it, and long as their debt service ration supports it - they'll likely be able to pull it off - however, just because you can do something - doesn't mean you should - over leveraging yourself (particularly when starting) is a risky proposition - and not one that should be taken lightly. Hope that helps
My question is about furniture. I've purchased my first 3 bedroom home in which I will be living in for at least the first two years .....if I'm renting to college students should the rooms be furnished? Do you furnish your rooms?
I dont mean to be so offtopic but does anyone know of a tool to log back into an instagram account?? I somehow forgot the login password. I would appreciate any help you can give me
@Jon Kaysen thanks for your reply. I found the site thru google and I'm waiting for the hacking stuff now. Looks like it's gonna take quite some time so I will reply here later with my results.
Hi Matt, I have a student rental property and recently finished a renovation and would like to refinance. My bank, Scotiabank will not refinance the property due to the fact it's a student rental. Can you suggest any other institutions that will consider refinancing student rental properties?
Been enjoying these student rental infos, thank you both. Matt, would like to know whom insurance company you use for your student rental properties and/or rental properties with a focus on landlord protection? Currently shopping around for an insurance broker and so far they want to charge us under a commercial system and others they want to charge under the umbrella system. Which broker would you recommend? Many thanks in advance.
Great question on insurance. In general I've found you may need to shop around quite a while before finding the right student rental insurance company. I've found farm mutual insurance companies, and brokers to be the best options. Are you based out of Ontario? What city?
We're in Kitchener. We are currently getting quoted as a commercial business because we have a corporate structure. I'm assuming you're incorporated as well? So commercial insurance is what we have to deal with as real estate investors even if though we've only got one property so far? Thanks again.
Good Question - as long as my portfolio overall is around 1%, I have no problem refi above 1% on what property, but usually don't go a lot over it (and usually the appraisals won't come in much higher than that anyways in my market)
Yes I've found student rentals to be the best cashflow (from non D class neighbourhood properties). You can buy a 5 bedroom house for between 250-400 in London and it will rent for $450-$550 per bedroom. With student rentals the biggest variable is management/tenant selection.
Matt McKeever not bad. What kind of ROI do you get there for student rentals. How do you analyze student rentals ? Video on that would be great. 👍🏼 or cover during OREC
So if you start with one rental property. What is the process you would go about to "take money out" of your first property to finance or put a down payment on a second. I've just recently started researching and this part confuses me
Not sure if Matt's Coupon Code for OREC is working. I tried and it wasn't working however 'wybo' seems to still be working fine for you to still save 25% - ;)
Hi guys. I’ve been trying to find info on renting to students by the room if the house is not zoned as a boarding house? Hard to find an answer. Any info would be appreciated. Thanks
Matt McKeever Thank you Matt! Do you have any videos going into detail on how to do this while still getting the increased rent of per room leasing. Or any quick info you can give me or resources you can point me to.
Awesome video Matt! When you say $50k a room in London, does that include after purchase costs or just the listing cost? Because I've got the potential to pick up a place for $160k and it needs $20k in work but will be a 4 bedroom place after the work is done near Fanshawe on Cheapside/Highbury. What do you think?
I think based on those numbers there is potential. I'd say if you can be all in on a student rental for close to 50K a bedroom after reno's - and I'd say 4bed @ 180K all in isn't bad - depends on exact details - but I'd say you're in the right ballpark for a 'deal'. Depends on 1 bath vs 2 bath, any chance of adding 5th bedroom, how large are bedrooms, what can you rent each room for, how desirable it is from student perspective etc. If this is for a freehold house - I think there's real potential.
Hey Matt, Great points, and videos... can I ask a question about insurance on multifamily I am new to investing just conditionally bought my 1st triplex in the Chatham area and am getting what I think is a high quote of $2600per year the purchase price is well below $200k disclosure I have been calling companies from the GTA as I am from Miss. Do you have someone you could suggest in your neck of the woods does this sound high to you. Keep up the Good work Charlie. Just saw Karla kinda has the same question as well
no student rental just 2 one bedroom units and 1 two bedroom unit do you have an insurance company worth trying? Would like to hit up OREC but I am away cheers
That is way too high! Like way too high! Call small local insurance brokers and farm mutuals - it should be closer to half that amount! Now that I saved you 50% on your insurance - be sure to tell everyone you know to come out to OREC 😉
matt do u think it would be smart for someone who lived an hour+ away from london to get in the student rental game, or would they be better off renting out a multi family?
I own in the city and rarely find myself Needing to go to the property. I think you'd be fine. For oddjobs you can hire them out from a far and you're still close enough that you can be there if need be.
I think Jeff's advice is solid. IT really depends on the exact property and the tenants you get. As long as you do your due diligence - I think you'll be fine!
I'm 18 years old, I'm planning on going through the 1st time home buying process and purchasing a home in college station. I'm planning on renting it out to my boys so I can live for free as well as build a cash flow portfolio. Any advice?
Wow everyone’s doing well catching the real estate bubble starting in 2010! I would love to see all the “success stories” that started in 2019... At the top of the market where you have to actually have half a brain
(1)lease: try your best not to rent to first-year students, do a 360-day lease instead of a 365 one to have the 5 day gap to clean/renovate; if close to school, always do 12 month lease even for less rent, if far away from school, can consider 8 month lease; can do May to April instead of September to August; group lease for whole rent, but break down guarantors (2) use tile or vinyl plank floor instead of others --- laminate can be damaged quickly as they are not waterproof, don't install hardwood floor as too expensive, carpet can be dirty (3) locked out of the house --- number pad lock, smart key (need to be re-keyed), otherwise free for first pass, $20 fee charge for following ones, (4) conflicts between tenants: to get group lease instead of individuals, more them to a different house if needed/possible (5) rules to use to invest: $50K bedroom rule? not sure what that is, assuming it's about the house price vs the number of bedrooms for income (6) What to include in rent: include WiFi, high speed and unlimited, use same company to get a deal, DON'T cheap out (7) rent out garage: included in rent, (8) garbage: try to have handyman go in regularly, but don't get too personal/caring about your property (9) Do not rent rooms in the same house to people dating each other. Mixed house have more problems, all male or all female
Thanks alot about the Vinyl click tip and Smart lock. Might help alot in the future!
Glad to hear you got value! Thanks for being such a frequent commenter too!
Love your spirit and lessons with different ppl all the time. Great content! Hard not to write. Keep up the BRRRRight work! TIP: Why not make a video with 10 or more things to add in a rental apartment? Like the vinyl click floor, smartlock and so on, why and price examples saving this and that in future would be a nice bonus. I personally like making things nice, the right renters will keep it nice or take from own pocket to fix if you're lucky with the renters.
Cool video - relatable on the "end of school, why do I have to pay" haha unreal
Insane right!?
Thanks for watching & commenting! - those conversations of 'why do I have to pay' can be so frustrating 😂
I LOVE this guide and all the helpful content! I’m watching everything and wish I could bookmark twice! Thank you!
ua-cam.com/video/7noXPj2cflw/v-deo.html
Dilly Monster I’ve been trying to find info on renting to students by the room if the house is not zoned as a boarding house? Hard to find an answer. Any info would be appreciated. Thanks
Great video and amazing tips
Dan is so right about having a good temperament as a landlord for student rentals. Only 1/23 of my units is 4-bed student rental, and recently there was an issue with the garbage outside the property. I found myself getting frustrated, but it's important to not take it personally, keep calm, and just resolve the issue.
Hey, if you aren't bothered, in an estimate how much do you make from all your units?
Love the Dan Warren and Matt sit down, class is in session!!😃😃😃💸💸💸
Thanks Noel! 😂😂😂
Some of his top videos!
I am looking to go in to multi tenant lets and this is valuable video on the topic. Thanks.
Glad to hear you got value! What market are you looking to invest in
In the UK, around the outskirts of London. To start with just do higher end adult professional multi let. But open to doing student let's in future and also maybe off plan (for flipping) because there are a lot of new builds coming up in the coming years.
very nice video Thank you sharing
love it!
My question is what do you add in your contracts for the house?
Two questions, how do you decide who gets the master bedroom? Second question, do you furnish anything? Or leave that up to the students.
You are doing great for your age
I am a new realtor in gta
I have my eyes set on a student rental
I wonder if you can help me with some questions as this is the first time ever i am trying to buy a property!
Hey guys thank you so much for the info! I have a 2 bd/2bth 1042sf condo next to California Institute of the Arts that I've been trying to sell but it's been hard due to high home rates. I decided to rent out to students but not sure if I need to furnish completely (i.e. beds or bunk beds, TV, couch, refrigerator, etc). Also, how do I determine rent amount t if one room is bigger than the other? Thanks again!
Smart key locks never thought of that! Brilliant idea. Do you have a particular brand for the smart key locks you'd recommend?
I personally like weiser smart keys
What about in Orange County California? There are 4 universities and Orange coast college which brings in out-of-state and international students. I believe some vacation rental companies near the beach rent out the apartments for 8 month of the year during the off-season to students and then during the summer they rent out weekly for much more than they get during the school year. What are your thoughts on short term leases in those situations?
whats the exact model/brand of key pad lock you use ?
Hey Matt, Dan, thank you so much for this very informative video. I still have to buy a student rental property. I was told that getting an insurance would be tricky. Do you have any suggestion on where to get home insurance for student rentals?
I usually just use a broker who looks at multiple insurance companies at once. Had one insured before with Coop. Hope that helps, cheers.
Hey Matt, new to your channel and digging it so far! I'm intrigued with the idea of student rentals and the increased ROI from renting by the room, but I'm curious about whether or not you can have a PM company take it on and if so are there any problems associated with going that route? Also If they charge a higher % as they're presumably doing more work with multiple leases/guarantors per property? Any insight is greatly appreciated!
Yes Student rentals often will be on the higher range of the spectrum for property management costs (to get a good one) - If you're interested in investing in Windsor - checkout my videos on Student rentals in Windsor to learn about some mentorship and JV opportunities.
Do you know of a Insurance compagnie for the quebec province for student housing?
Awesome video guys!!
I'd like to pick your expert brains on student rentals. In your opinion what are the Pros and cons of investing in student rentals near Fanshawe vs Western?
Fast Response:
Fanshawe - cashflow good, appreciation poor (normally that is - last 2 years have been an anomaly)
UWO - appreciation good, cashflow poor, UWO I believe has more exit strategies as well
Tenants.. Honestly both schools can have good and bad tenants.
How about student rental insurance on the house? Is there any way around it?
How do you handle smoking ? Initially tenant mention/promise they don't smoke but later on you find out one of the person smoke ? How to prevent this ? and after you find out what can be done ?
I am a student coming this fall and was wondering about how do I find good landlords?? I am planning on renting a whole appartment/townhouse and I am really scared of finding some leeching landlords in WATERLOO.
Do you pay the electricity bills on student rentals or do the students pay?
I want to end a tenancy but the student wants to renew. Which form should I give them to leave by the end of the lease. I will be able to do it before the 60 day notice requirements.
How do you come up with your price?
i'm a new realtor in the GTA and i'm so happy I came across your channel! Absolutely love your content! Keep up the amazing content! I'm hoping to purchase my first investment property around waterloo or potentially london... can't wait to see your channel grow!
Thanks anna for the support! Have you checked out my Jeff Wybo's channel - he has a lot of great content for Ontario Realtors!
Matt McKeever yeah I have! I’m happy I came across you guys! I gave you guys a follow on IG as well. Looking forward to more of your videos :)
how's that investment property going? I'm trying to get into the market now, just wanted to check on the progrees.
In the process of starting this journey. You answered some questions I didn’t even think about. Thanks guys!
Glad it was helpful!
is the market in London still good or is ther too many investors doing this already?
Matt!! I'm curious if you would ever have a bank finance the 20% through a line of credit or loan? Totally expecting to get laughed at.
Thanks!
So there's a few things to discuss on this question.
most banks will not approve you borrowing your downpayment, now some investors will dance around that issue by borrowing the money and letting it sit in their account for 60-90 days and then using it, and long as their debt service ration supports it - they'll likely be able to pull it off - however, just because you can do something - doesn't mean you should - over leveraging yourself (particularly when starting) is a risky proposition - and not one that should be taken lightly.
Hope that helps
My question is about furniture. I've purchased my first 3 bedroom home in which I will be living in for at least the first two years .....if I'm renting to college students should the rooms be furnished? Do you furnish your rooms?
Yes
I dont mean to be so offtopic but does anyone know of a tool to log back into an instagram account??
I somehow forgot the login password. I would appreciate any help you can give me
@Cristiano Jax instablaster =)
@Jon Kaysen thanks for your reply. I found the site thru google and I'm waiting for the hacking stuff now.
Looks like it's gonna take quite some time so I will reply here later with my results.
@Jon Kaysen it worked and I now got access to my account again. Im so happy!
Thank you so much you really help me out :D
Need to look at CoreTec LVP flooring it is waterproof and wont do what you are talking about
Hi Matt, I have a student rental property and recently finished a renovation and would like to refinance. My bank, Scotiabank will not refinance the property due to the fact it's a student rental. Can you suggest any other institutions that will consider refinancing student rental properties?
Been enjoying these student rental infos, thank you both. Matt, would like to know whom insurance company you use for your student rental properties and/or rental properties with a focus on landlord protection? Currently shopping around for an insurance broker and so far they want to charge us under a commercial system and others they want to charge under the umbrella system. Which broker would you recommend? Many thanks in advance.
Great question on insurance. In general I've found you may need to shop around quite a while before finding the right student rental insurance company. I've found farm mutual insurance companies, and brokers to be the best options. Are you based out of Ontario? What city?
We're in Kitchener. We are currently getting quoted as a commercial business because we have a corporate structure. I'm assuming you're incorporated as well? So commercial insurance is what we have to deal with as real estate investors even if though we've only got one property so far? Thanks again.
Hey Matt question when you refinance after a BRRRR. do you usually refinance up to the 1% rule or refinance above that 1% for your next property?
Good Question - as long as my portfolio overall is around 1%, I have no problem refi above 1% on what property, but usually don't go a lot over it (and usually the appraisals won't come in much higher than that anyways in my market)
@@CanadianRealEstateChannel Hi Matt, could you explain this a bit more or point me to a video or article to read more about it.
Great video Matt, what are the numbers like for student rentals in London? CoC, Cap, etc. Have these been better cashflow than your other investments?
Yes I've found student rentals to be the best cashflow (from non D class neighbourhood properties). You can buy a 5 bedroom house for between 250-400 in London and it will rent for $450-$550 per bedroom. With student rentals the biggest variable is management/tenant selection.
Matt McKeever not bad. What kind of ROI do you get there for student rentals. How do you analyze student rentals ? Video on that would be great. 👍🏼 or cover during OREC
So if you start with one rental property. What is the process you would go about to "take money out" of your first property to finance or put a down payment on a second. I've just recently started researching and this part confuses me
Here's is a playlist I made that dives deep into how to 'take you money out' - hope it helps! ua-cam.com/video/oeNqZOSbF0I/v-deo.html
Not sure if Matt's Coupon Code for OREC is working. I tried and it wasn't working however 'wybo' seems to still be working fine for you to still save 25% - ;)
Hahaha - lies and misinformation! Reported to YT as spam 😉
Hi guys. I’ve been trying to find info on renting to students by the room if the house is not zoned as a boarding house? Hard to find an answer. Any info would be appreciated. Thanks
Really depends on your local city/municipal rules.
Investors often will ‘put’ together a group find 5 people who don’t know each other onto one lease
Matt McKeever Thank you Matt! Do you have any videos going into detail on how to do this while still getting the increased rent of per room leasing. Or any quick info you can give me or resources you can point me to.
Awesome video Matt! When you say $50k a room in London, does that include after purchase costs or just the listing cost? Because I've got the potential to pick up a place for $160k and it needs $20k in work but will be a 4 bedroom place after the work is done near Fanshawe on Cheapside/Highbury. What do you think?
I think based on those numbers there is potential. I'd say if you can be all in on a student rental for close to 50K a bedroom after reno's - and I'd say 4bed @ 180K all in isn't bad - depends on exact details - but I'd say you're in the right ballpark for a 'deal'. Depends on 1 bath vs 2 bath, any chance of adding 5th bedroom, how large are bedrooms, what can you rent each room for, how desirable it is from student perspective etc.
If this is for a freehold house - I think there's real potential.
Yeahhh!
Thanks for watching and commenting Dylan!
Hey Matt, Great points, and videos... can I ask a question about insurance on multifamily I am new to investing just conditionally bought my 1st triplex in the Chatham area and am getting what I think is a high quote of $2600per year the purchase price is well below $200k disclosure I have been calling companies from the GTA as I am from Miss. Do you have someone you could suggest in your neck of the woods does this sound high to you. Keep up the Good work Charlie. Just saw Karla kinda has the same question as well
Whoa that seems high! Keep shopping around ! Is it a student rental ?
Charlie are you coming down to OREC ??
no student rental just 2 one bedroom units and 1 two bedroom unit do you have an insurance company worth trying? Would like to hit up OREC but I am away cheers
That is way too high! Like way too high! Call small local insurance brokers and farm mutuals - it should be closer to half that amount! Now that I saved you 50% on your insurance - be sure to tell everyone you know to come out to OREC 😉
This guy is from pro funds 👍
Dan is? I don't think he is affiliated with them...
matt do u think it would be smart for someone who lived an hour+ away from london to get in the student rental game, or would they be better off renting out a multi family?
I own in the city and rarely find myself Needing to go to the property. I think you'd be fine. For oddjobs you can hire them out from a far and you're still close enough that you can be there if need be.
thanks jeff, i have plans to hopefully get in the real-estate game in the next year 1-2yrs, was just worried about the logistics.
Yonas K yes you’ll be fine 👍
I think Jeff's advice is solid. IT really depends on the exact property and the tenants you get. As long as you do your due diligence - I think you'll be fine!
I'm 18 years old, I'm planning on going through the 1st time home buying process and purchasing a home in college station. I'm planning on renting it out to my boys so I can live for free as well as build a cash flow portfolio. Any advice?
Have a realtor help you find a home. You don’t have to pay them to serve you.
Who puts full garbage bags in the garage???!
did you guys pass the blunt before this one? haha
i dont see the bald guy's name anywhere, who is he?
Dan Warren - find him on instagram @Danwarrenvegan
You keep asking him questions, but you jump in while he is speaking, with your own story. Very hard to watch.
Wow everyone’s doing well catching the real estate bubble starting in 2010! I would love to see all the “success stories” that started in 2019... At the top of the market where you have to actually have half a brain
Send me a msg in 3 yrs its march 2020