Student buy to let property - where to start?

agrinnall

ViolaLass wrote: »

If you've done this before, wouldn't you know the answers to most of your questions?

Exactly, why are you asking at all considering you claim to be an experienced LL, who would certainly know about things such as deposit schemes? When I read your OP my first thought was don't bother, but when I read your second post I thought you must be a troll. I really don't know what your game is but I fear people are wasting their time trying to give you sensible answers.

silvercar

HAMISH_MCTAVISH wrote: »

I would set up offspring as the sole tenant and let him manage recruiting friends to be his lodgers.

Probably a lot less hassle than dealing with multiple (and sometimes short term) tenants on the same lease.

Not to mention less onerous from a deposit and eviction perspective should any of them fall out, become anti-social, or fail to pay the rent.

Whether a 19 year old is up to being a landlord and capable of evicting student 'mates' who get behind with the rent is debatable.

missbiggles1

Whatever you do, don't include utilities in the rent! We learned that lesson the hard way.

HAMISH_MCTAVISH

silvercar wrote: »

Whether a 19 year old is up to being a landlord and capable of evicting student 'mates' who get behind with the rent is debatable.

As they are lodgers not tenants it's a very simple process with relatively few responsibilities compared to managing a landlord/tenant relationship.

Andypandyboy

agrinnall wrote: »

Exactly, why are you asking at all considering you claim to be an experienced LL, who would certainly know about things such as deposit schemes? When I read your OP my first thought was don't bother, but when I read your second post I thought you must be a troll. I really don't know what your game is but I fear people are wasting their time trying to give you sensible answers.

We haven't done it before with three separate tenants, we haven't done it before with tenants needing guarantors, we haven't done it before with students, we haven't done it before in this country, we haven't done it before from scratch - we have a a rental property abroad. Does that answer your questions re "my game"?

My post was an attempt to get very specific information on the student letting sphere. If you can't offer anything other than snide commentary, please pass on the thread.;)

Andypandyboy

Lord_Baltimore wrote: »

There is much you need to know. I would start by reading this and ask the forum specific questions when you're clued up .

Thanks, that was very useful.

I am looking for other parents who have done this type of thing and can give me a heads up on any pitfalls that I can avoid.

silvercar

Andypandyboy wrote: »

Thanks, that was very useful.

I am looking for other parents who have done this type of thing and can give me a heads up on any pitfalls that I can avoid.

We thought about it and decided against.

The difficulty of extracting rent from mates of landlord child, the lack of confidence in our child's ability to be a landlord, repairing and maintaining a property some distance away and the risk of voids in student properties.

Looking back we should have done it, but mainly because our offspring decided to go to the same university, so we have ended up with 8 years of rent (though 2 would have been halls in any case). Whereas buying a property 6 years ago and saving £££ would have been sensible.

If I could wind the clock back, I would have done it. Let first child live in halls in first year, find decent student property with main criteria being location and handing the management and rent collection to a letting agency.

Then your main risk is voids, I think this is a serious issue with student lets, if they are empty at the start of the academic year, they stand a good chance of remaining empty for the whole year.

2 caveats, my student kids tell me that houses for 5, 6 or more people are popular, 3 & 4 roomed houses less so. I would only consider it in a big town with a large student population.

Andypandyboy

Thanks, yes, it will be in Manchester, so within the area of three Universities. Child is doing a four year course, so will need accommodation outside of halls for three years, as will any mates. Older kids rented larger houses at first but all of them dropped down to 3/4 bedders for their last year because the logisitics of getting more people to agree/get on etc was harder.

We wish we had done it for the others but they didn't all attend the same University so the opportunity wasn't really there. Plus, now we can fund it as a cash purchase so no buy to let mortgage issues which always put us off previously.

silvercar

Andypandyboy wrote: »

Thanks, yes, it will be in Manchester, so within the area of three Universities. Child is doing a four year course, so will need accommodation outside of halls for three years, as will any mates. Older kids rented larger houses at first but all of them dropped down to 3/4 bedders for their last year because the logisitics of getting more people to agree/get on etc was harder.

We wish we had done it for the others but they didn't all attend the same University so the opportunity wasn't really there. Plus, now we can fund it as a cash purchase so no buy to let mortgage issues which always put us off previously.

Another reason I should have done it, could have sold it on to you in a year's time!:rotfl:

PM me if you want views on roads etc, we have 7 years of experience of Manchester student lets.

LEJC

Just wanted to jump in and say...this is our plan too,same town and the potential of a 4 year course,with child starting in Sept 16 subject to offer...

we intend to use halls first year and allow ourselves the possibility of viewing properties within that first year although our view is to opt for smaller 2 bed flat as the larger student accomodating houses dont appeal to our offspring!
I've already had some wonderful advice and pointers from one poster on this thread via another portal who I am sure as the time approaches to take the plunge their expertise and knowledge of the area will be invaluable.