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Real Estate Investing: College Student Rentals

Real Estate Investing: College Student Rentals

Author(s): Shawn Tysiak , Paul F. Kolb

Edition: 1

Copyright: 2022

Pages: 175

Edition: 1

Copyright: 2022

Pages: 174

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$27.56 USD

ISBN 9781792499623

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Shawn and Paul were raised by hardworking families and learned the value of a dollar early on. They were introduced to each other when they were both students at the University of Toledo in Ohio while working on their bachelor’s degrees. To subsidize their educational costs, they did what most college students do and worked low paying jobs, often at minimum wage. They ended up being roommates in a single-family college rental with several of their friends. One evening, over a beer, they were brainstorming ways in which they could earn more money in the upcoming summer than they had in the past. Together, they decided to start a lawn mowing service as partners that very night. They ran out to the local late-night copy shop and had one thousand flyers made up for their new business. Shawn and Paul worked together and built that business to over one hundred accounts and several employees, many of whom were their college friends. They learned foundational business principles which were practiced and refined throughout their ownership. Their spirit of continuous improvement fueled their business to thrive, becoming more profitable every day without any sacrifice to quality and service to the customer. They took the initiative on an intangible thought and turned it into a highly successful business. 

Both authors went on to complete their undergraduate and graduate degrees. Shawn became a finance Professor and Paul went into public service. Early in their careers, they recalled their experiences as college students and the rental property they lived in. They kept in contact and would frequently talk about the business of renting homes to college students. They both began purchasing rental property and ultimately each built their own college student rental businesses. Even though their businesses were their own, they shared ideas and ways to improve as if they were partners. Shawn and Paul were so excited about what they had learned through their over 30 years of combined experience, they wanted to share how to build a successful business as they did. They came back together as true partners to write this book so you can benefit from their experiences, education, knowledge, and hard lessons learned in building a successful college student rental property business. Both authors would have given almost anything to have this very book when they began their enterprises. This book will show you a way, not the way. The authors invite you to take everything you can from this book and build a highly profitable and successful business YOUR way.

Preface Acknowledgements Introduction Disclaimer 1. REAL ESTATE INVESTING 101 1.1 Pros of Real Estate Investing 1.2 Cons of Real Estate Investing 1.3 Why College Student Rentals? 1.4 DIY or Outsource Property Management 2. BUYING PROCESS 2.1 Real Estate Agents 2.2 Location-Location-Location! 2.3 Existing, Build, or Lease-Sublease 2.4 Types of Properties 2.5 Making the Offer 2.6 Closing 2.7 Insurance 3. FINANCING 3.1 Credit Rating 3.2 Financing Your First House 3.3 Consider Credit Cards 3.4 Balance Transferring 3.5 Cutting Out the Bank 3.6 Owner Financing 3.7 Assumable Mortgages 3.8 Home Equity Line of Credit (HELOC) 3.9 Refinancing and Interest Rate Changes 3.10 Private Mortgage Insurance (PMI) 3.11 Leverage v. Paydown 4. MANAGEMENT 4.1 Setting the Rent Amount 4.2 Rent Collection 4.3 Bookkeeping 4.4 Taxes 4.5 Unoccupied Over Breaks 4.6 Retention and Renewals 5. MARKETING 5.1 ABC’S of Brand Building 5.2 Showing Ready and First Impressions 5.3 Pictures and Video 5.4 Website 5.5 Social Media 5.6 Current Tenants 5.7 Word-of-Mouth 5.8 Direct Mail 5.9 Google Ads 5.10 Craigslist 5.11 Zillow 5.12 Yard Signs 5.13 More Advertising 6. INITIAL CONTACT, SHOWING, & APPLICATION 6.1 Prescreening 6.2 Showings 6.3 Closing, Application, & Hold Fee 6.4 Feedback and Remedy 6.5 Background and Rental History 7. LEASING PROCESS 7.1 Make it Simple 7.2 Make it Comfortable 7.3 Protect Your Investment 8. MAKE RENT READY 8.1 Kitchen Updates 8.2 Bathroom Updates 8.3 Curb Appeal 8.4 Floor Coverings 8.5 Paint 8.6 Cleaning 8.7 Window Treatments 9. MOVE-IN PROCESS 9.1 Pre-Move-In Process 9.2 Move-In Day 9.3 Safety Checklist 9.4 The Move-In Day Talk 10. MAINTENANCE 10.1 Contractor List 10.2 If it Ain’t Broke 10.3 Responding to Tenant Calls (Re-Active) 10.4 Preventative Maintenance (Pro-Active) 10.5 Appliances 11. TURNOVERS 11.1 Pre-Move-Out 11.2 Move-Out 11.3 Simple Turnover Process Summary 12. EXITING 12.1 Outsourcing Property Management 12.2 Employees 12.3 Partnerships 12.4 Selling 12.5 Owner Financed Sale and Installment 12.6 FSBO v. Real Estate Agent 12.7 Alternative Selling Options 12.8 Financial Independence 7.2 Make it Comfortable 7.3 Protect Your Investment 8. MAKE RENT READY 8.1 Kitchen Updates 8.2 Bathroom Updates 8.3 Curb Appeal 8.4 Floor Coverings 8.5 Paint 8.6 Cleaning 8.7 Window Treatments 9. MOVE-IN PROCESS 9.1 Pre-Move-In Process 9.2 Move-In Day 9.3 Safety Checklist 9.4 The Move-In Day Talk 10. MAINTENANCE 10.1 Contractor List 10.2 If it Ain’t Broke 10.3 Responding to Tenant Calls (Re-Active) 10.4 Preventative Maintenance (Pro-Active) 10.5 Appliances 11. TURNOVERS 11.1 Pre-Move-Out 11.2 Move-Out 11.3 Simple Turnover Process Summary 12. EXITING 12.1 Outsourcing Property Management 12.2 Employees Partnerships 12.4 Selling 12.5 Owner Financed Sale and Installment 12.6 FSBO v. Real Estate Agent 12.7 Alternative Selling Options 12.8 Financial Independence Conclusion Appendix Glossary Index
Shawn Tysiak
Paul F. Kolb

Shawn and Paul were raised by hardworking families and learned the value of a dollar early on. They were introduced to each other when they were both students at the University of Toledo in Ohio while working on their bachelor’s degrees. To subsidize their educational costs, they did what most college students do and worked low paying jobs, often at minimum wage. They ended up being roommates in a single-family college rental with several of their friends. One evening, over a beer, they were brainstorming ways in which they could earn more money in the upcoming summer than they had in the past. Together, they decided to start a lawn mowing service as partners that very night. They ran out to the local late-night copy shop and had one thousand flyers made up for their new business. Shawn and Paul worked together and built that business to over one hundred accounts and several employees, many of whom were their college friends. They learned foundational business principles which were practiced and refined throughout their ownership. Their spirit of continuous improvement fueled their business to thrive, becoming more profitable every day without any sacrifice to quality and service to the customer. They took the initiative on an intangible thought and turned it into a highly successful business. 

Both authors went on to complete their undergraduate and graduate degrees. Shawn became a finance Professor and Paul went into public service. Early in their careers, they recalled their experiences as college students and the rental property they lived in. They kept in contact and would frequently talk about the business of renting homes to college students. They both began purchasing rental property and ultimately each built their own college student rental businesses. Even though their businesses were their own, they shared ideas and ways to improve as if they were partners. Shawn and Paul were so excited about what they had learned through their over 30 years of combined experience, they wanted to share how to build a successful business as they did. They came back together as true partners to write this book so you can benefit from their experiences, education, knowledge, and hard lessons learned in building a successful college student rental property business. Both authors would have given almost anything to have this very book when they began their enterprises. This book will show you a way, not the way. The authors invite you to take everything you can from this book and build a highly profitable and successful business YOUR way.

Preface Acknowledgements Introduction Disclaimer 1. REAL ESTATE INVESTING 101 1.1 Pros of Real Estate Investing 1.2 Cons of Real Estate Investing 1.3 Why College Student Rentals? 1.4 DIY or Outsource Property Management 2. BUYING PROCESS 2.1 Real Estate Agents 2.2 Location-Location-Location! 2.3 Existing, Build, or Lease-Sublease 2.4 Types of Properties 2.5 Making the Offer 2.6 Closing 2.7 Insurance 3. FINANCING 3.1 Credit Rating 3.2 Financing Your First House 3.3 Consider Credit Cards 3.4 Balance Transferring 3.5 Cutting Out the Bank 3.6 Owner Financing 3.7 Assumable Mortgages 3.8 Home Equity Line of Credit (HELOC) 3.9 Refinancing and Interest Rate Changes 3.10 Private Mortgage Insurance (PMI) 3.11 Leverage v. Paydown 4. MANAGEMENT 4.1 Setting the Rent Amount 4.2 Rent Collection 4.3 Bookkeeping 4.4 Taxes 4.5 Unoccupied Over Breaks 4.6 Retention and Renewals 5. MARKETING 5.1 ABC’S of Brand Building 5.2 Showing Ready and First Impressions 5.3 Pictures and Video 5.4 Website 5.5 Social Media 5.6 Current Tenants 5.7 Word-of-Mouth 5.8 Direct Mail 5.9 Google Ads 5.10 Craigslist 5.11 Zillow 5.12 Yard Signs 5.13 More Advertising 6. INITIAL CONTACT, SHOWING, & APPLICATION 6.1 Prescreening 6.2 Showings 6.3 Closing, Application, & Hold Fee 6.4 Feedback and Remedy 6.5 Background and Rental History 7. LEASING PROCESS 7.1 Make it Simple 7.2 Make it Comfortable 7.3 Protect Your Investment 8. MAKE RENT READY 8.1 Kitchen Updates 8.2 Bathroom Updates 8.3 Curb Appeal 8.4 Floor Coverings 8.5 Paint 8.6 Cleaning 8.7 Window Treatments 9. MOVE-IN PROCESS 9.1 Pre-Move-In Process 9.2 Move-In Day 9.3 Safety Checklist 9.4 The Move-In Day Talk 10. MAINTENANCE 10.1 Contractor List 10.2 If it Ain’t Broke 10.3 Responding to Tenant Calls (Re-Active) 10.4 Preventative Maintenance (Pro-Active) 10.5 Appliances 11. TURNOVERS 11.1 Pre-Move-Out 11.2 Move-Out 11.3 Simple Turnover Process Summary 12. EXITING 12.1 Outsourcing Property Management 12.2 Employees 12.3 Partnerships 12.4 Selling 12.5 Owner Financed Sale and Installment 12.6 FSBO v. Real Estate Agent 12.7 Alternative Selling Options 12.8 Financial Independence 7.2 Make it Comfortable 7.3 Protect Your Investment 8. MAKE RENT READY 8.1 Kitchen Updates 8.2 Bathroom Updates 8.3 Curb Appeal 8.4 Floor Coverings 8.5 Paint 8.6 Cleaning 8.7 Window Treatments 9. MOVE-IN PROCESS 9.1 Pre-Move-In Process 9.2 Move-In Day 9.3 Safety Checklist 9.4 The Move-In Day Talk 10. MAINTENANCE 10.1 Contractor List 10.2 If it Ain’t Broke 10.3 Responding to Tenant Calls (Re-Active) 10.4 Preventative Maintenance (Pro-Active) 10.5 Appliances 11. TURNOVERS 11.1 Pre-Move-Out 11.2 Move-Out 11.3 Simple Turnover Process Summary 12. EXITING 12.1 Outsourcing Property Management 12.2 Employees Partnerships 12.4 Selling 12.5 Owner Financed Sale and Installment 12.6 FSBO v. Real Estate Agent 12.7 Alternative Selling Options 12.8 Financial Independence Conclusion Appendix Glossary Index

Shawn Tysiak
Shawn Tysiak
Paul F. Kolb
Paul F. Kolb