Student housing in Calgary...How to Begin!!!

[BDSProperties]

Hello,



I am fairly new to investing properties. I have three condos in Strathmore, one rented Furnished to oil company the other two rented residential. All purchased in one year... So far so GREAT!!!



Looking at purchasing property within walking distance to MRU in Calgary, oldest daughter is attending there for at least next 4 years and will live in and help manage said property. Looking at renting out rooms and garage separately...any and all advice appreciated!!!



Thank you kindly,



Dallas

 

[RedlineBrett]

[quote user=BDSProperties]

Looking at renting out rooms and garage separately...any and all advice appreciated!!!






It will work fine while your daughter is there and it will teach her about real estate. I would involve her in this to start her investment career!



After she leaves you won't be able to run it as a rooming house. It's just too much work. Better to rent it to a group of students and make them all sign the lease and have parents co-sign if you are unsure. Garages will rent easily in either scenario though.

 

[RealtorDave]

I agree with what Brett said. I do have one client who is doing this, and in each house theres a "house mom". Essentially the most responsible tenant who makes sure the bills are being paid and there's nothing weird going on, and they get a discount on their rent.



You'd need to make sure to check the property's monthly (when you go pick up the checks).

 

[invst4profit]

I am not aware of the landlord tenant act out your way but in Ontario it is a ideal situation to have a family member residing in the house. Having your daughter in a property with shared facilities (kitchen, bath) means the property does not fall under the Ontario RTA. This means the residents have zero rights or protection under the law and can be evicted without notice by the owner.



If it's the same in your case it is very easy to manage such a property as long as your daughter remains living there.