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Renting to College Students~A New Adventure!

 

Well, I have to say that renting to college students is quite a different experience than renting to families.  These are wonderful young people, to say the least.  They have stars in their eyes about going to University of California at Merced, and certainly their parents are so proud of them.  I am too.   HOWEVER. . . there are some things that are really important to consider when renting to college students, like . . .
 
Are they housebroken?   Seriously. One conversation I have with these young people is that by leasing a home, they are becoming responsible for someone else's $500,000 asset (well, $200K since the foreclosure market hit).  It's really important that they respect the property, and that they respect the neighbors. 
 
The major problem is that there isn't much entertainment in Merced for the college group (Hey, are there any entertainment investors out there?), so they have a lot of weekend parties.  With weekend parties comes noise, many cars, and trash on the neighbors lawns.  One of our neighborhoods dealt with it by picking up all the garbage from their respective lawns the next morning, and dumped it on the offending house's yard. 
 
Yes, they need to be housebroken.
 
The young men do not know their own strength - like when they've had a few beers and they go to open the door and forget to turn the knob - oops, there goes the door frame!  Help us if they have more than a few beers! 
 
Renting to a group of gals is not as scary.  For the most part, they don’t know how to use a screwdriver, but that’s not a sin. What’s bad is when they don’t know how to make a bank deposit properly. This is University, kids.
 
Remedies?  Well, in an effort to keep the lawns alive, I've decided to include a gardener with the rent.  I'd also like to include housekeeping services on a bi monthly basis, but the students seem to object to that.  "I can keep my room clean".   But that's not the problem.  The problem is "who will keep the rest of the house clean?"  
 
I'd love to hear of some solutions others may have found.  Right now, I have an individual lease for each student with their parents as guarantors - unless they can show their own financial viability. 
 
What are your thoughts about renting to college students?

Posted: 5:39 PM, Jun. 22, 2009
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How Did I End Up Managing Property in Merced?

 

Six years ago, if someone had told me I would be a property manager in Merced, California, I might have looked at them with raised eyebrows, an expression of disdain, and responded "Nope, Not Me!"  I lived in West San Jose in a nice little pocket at the border of San Jose, Saratoga, Los Gatos and Campbell all at once. It was 30 minutes to the beach, one hour to San Francisco, and an abundance of forms of entertainment after 9:00 pm. not to mention all our brothrs, sisters, children and grandchildren lived there as well.
 
Then in 2004, my Handsome Husband said, "Let's just invest in some property in Merced.  After all, the UC system has decided to build a new University there!  It would make a good investment.  Well, $250k and 3 months later, we were moving all our personal possessions from our condominium next to the freeway in San Jose to a nice little parcel at the end of a cul-de-sac in Merced. 
 
The biggest difference we noticed right away was the silence.  OMG!  There were no "whoosh" noises coming into our living room and bedroom from cars speeding along the gray ribbon on the other side of the burm next to our parking area.  We moved in June, and it was so amazing to keep our windows open and hear the birds, the breezes rustling the leaves of the five trees in our back yard, and we affectionately watched our two rabbits bound back and forth, chasing each other in what I'm sure they considered "bunny heaven."  It was their first exposure to real grass after living in our cement carport for 2.5 years.
 
Merced is everything I never wanted, excessive heat in the summer, and much fog in the winter, and it's flat, flat, flat with a bump here and there which could be classified a grade, but no real "hills."  Growing up at the foot of Blossom Hill in San Jose spoiled me.  The city itself is about 5 miles in each direction, which has its good points - It only takes 10 minutes to get anywhere (maybe 15 during traffic hour).  And, you won't find freeways running through the middle of the city - only a never-ending string of stoplights, which are now timed for traffic flow.  Bicyclists ride in every direction without helmets, and there are no health food stores (other than the health food section in Raleys).
 
But Merced does have something special!  Wherever you go if you smile at someone, they smile back at you, and if you say "Hi" they're likely to start up a conversation with you.  Maybe there aren't hills, but there is a very nice walking path along Bear Creek.  Maybe we don't have a huge symphony orchestra, but we do have a playhouse, and it is a very personal experience to attend a performance – and, Merced's Multicultural Art Center is one of the best.  There are lots of nice things about Merced and its surrounding areas. I hope to bring some of this to you.
 
So why did I choose Property Management in Merced? That's the subject of the next blog . . .so stay tuned for some of the very interesting encounters of Property Management in Merced County.

Posted: 2:49 PM, Jan. 16, 2009
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