Student buy to let property - where to start?

System

rexmedorum wrote: »

Few thoughts:

How about a studio for just the offspring? Extracting rent from "mates" is tough at the best of times, but if the landlord is their parent it's even less likely they'll see the urgency of paying up.

Our thoughts exactly. Why try and do something on a large scale, and saddle one's offspring with the day to day worries? Keep it small, simple, and manageable, and don't add in needless risks of managing loads of uncaring tenants.

There are two factors:
1) providing university accommodation for offspring in most efficient and pleasant way
2) investing in buy to let property

They are separate aims, and aren't necessarily best combined.

dimbo61

Every one of the properties on that website is let for 2015/2016
Most of the bigger properties are All Inclusive of All the bills and have super fast 150Mb Virgin or BT Infinity with BT TV +Sport.
MSH Landlord of the Year 2014 ( must be doing Something right !)
You can find and live in cheaper student digs but make sure you insure your son/daughter contents as they will get nicked, bring your own smoke+CO alarm ,
Love the reference to Old furniture ( would NEVER pass fire regs )
If that doesn't not ring Alarm bells about SLUM landlords nothing will.
You get what you pay for in life ( think VW advert )
Your best plan is 2 bed 2 bath city centre flat. Deep pockets needed.

silvercar

Clifford_Pope wrote: »

Our thoughts exactly. Why try and do something on a large scale, and saddle one's offspring with the day to day worries? Keep it small, simple, and manageable, and don't add in needless risks of managing loads of uncaring tenants.

There are two factors:
1) providing university accommodation for offspring in most efficient and pleasant way
2) investing in buy to let property

They are separate aims, and aren't necessarily best combined.

Problem with studio/ 1/2 bedroom flats is that students are generally social beings and like to share with mates, it is part of the student experience. Unless you have particular quiet offspring who would relish their own space and privacy (and even then you may want to encourage them to be social), a smaller property isn't going to fit the bill.

In the end that was what made us decide against the idea, not wanting to put the landlord responsibilities onto our children, knowing that some students get into financial difficulties, realising that BTL doesn't combine with providing comfort for our kids.

silvercar

For comparison, here is some fairly decent looking accommodation in student Manchester:

£72 a week

£65 a week

£75 a week

dimbo61

All the properties above are available to rent now 1-07-2015 so NO income over the summer !
Love the beds and carpet, well worn in.
Does not include bills or Letting agents fees on top of rent.

missbiggles1

dimbo61 wrote: »

Every one of the properties on that website is let for 2015/2016
Most of the bigger properties are All Inclusive of All the bills and have super fast 150Mb Virgin or BT Infinity with BT TV +Sport.
MSH Landlord of the Year 2014 ( must be doing Something right !)
You can find and live in cheaper student digs but make sure you insure your son/daughter contents as they will get nicked, bring your own smoke+CO alarm ,
Love the reference to Old furniture ( would NEVER pass fire regs )
If that doesn't not ring Alarm bells about SLUM landlords nothing will.
You get what you pay for in life ( think VW advert )
Your best plan is 2 bed 2 bath city centre flat. Deep pockets needed.

Only relevant for soft furnishings.

silvercar

dimbo61 wrote: »

All the properties above are available to rent now 1-07-2015 so NO income over the summer !
Love the beds and carpet, well worn in.
Does not include bills or Letting agents fees on top of rent.

By convention all Manchester student rents charge half rents for July and August as a retainer, followed by a 10 month AST starting 1 September.

Your correct that it doesn't include bills (about £40-£60 a month depending on property, number of sharers, frugal-ness). Letting agent fees charged to students are very small.

I don't know why you are making a big issue, these are properties that are available in central Fallowfield where students like to live. They may not be the best in terms of furnishing, but students make their choices on the ratio between luxury:beers:part time job needs....all I'm illustrating is that there is some student standard accommodation available in that price range.

missbiggles1

silvercar wrote: »

By convention all Manchester student rents charge half rents for July and August as a retainer, followed by a 10 month AST starting 1 September.

Your correct that it doesn't include bills (about £40-£60 a month depending on property, number of sharers, frugal-ness). Letting agent fees charged to students are very small.

I don't know why you are making a big issue, these are properties that are available in central Fallowfield where students like to live. They may not be the best in terms of furnishing, but students make their choices on the ratio between luxury:beers:part time job needs....all I'm illustrating is that there is some student standard accommodation available in that price range.

I was thinking how smart they were compared to when I went to university and even compared to the student house we owned 10 years ago!

dimbo61

" By convention all Manchester student rents charge half rents for July and August as a retainer, followed by a 10 month AST starting 1st September "
The 3 properties you have posted are available NOW so therefore NO rent over the summer and the HOPE that 5/6/7 students will want to live together come September!
Students normally arrive at the end of September so why would they pay from the 1st
You have 2 kinds of Students
The first lot are going to get together and sort a house/flat out ASAP when they start uni ( so house hunting in November/December)
They want a good/high quality house and know there is limited supply of 6/7/8+ bed properties.
The second lot who turn up in September and see what they can find and end up living with strangers on individual tenancy agreements.

Andypandyboy

silvercar wrote: »

Problem with studio/ 1/2 bedroom flats is that students are generally social beings and like to share with mates, it is part of the student experience. Unless you have particular quiet offspring who would relish their own space and privacy (and even then you may want to encourage them to be social), a smaller property isn't going to fit the bill.

In the end that was what made us decide against the idea, not wanting to put the landlord responsibilities onto our children, knowing that some students get into financial difficulties, realising that BTL doesn't combine with providing comfort for our kids.

We wouldn't want to have our offspring living alone and living with just one other person could throw up issues if they weren't such close friends. So, for us and ours the ideal is a 3/4 bedder.

I would let an agent do all the legalities and legwork, and having looked at what is currently out there (although we are not yet ready to buy) I am confident that we could marry both aims if it is done correctly.

Rentals look to be about the £75 per week range without bills and £90 with bills inc in the area I am looking at so, yes, my previous figure seemed overly optimistic:D. Even at the lower figure with three tenants that comes to £900 plus the same saving on offspring, so £1200 pcm, and hopefully capital gain as well. Not profit of course but still a healthy return.