QUOTE (housingrental @ Jun 23 2008, 11:51 AM) Sure TerriAnn, I do alot of student rentals in Waterloo. I`d suggest a good starting point would be modifying a lease you already use and are happy with. From that you should add a space for the guarantor`s name, they`re signature, and a clause in lease to the effect that guarantor is liable as tenant.
Also of note many leases don`t include explicit clauses on these which you might want to add:
Rent collection and payment type - by cheque only? where collected?Also of note re rent collection - Many tenants don`t live in town from May-August, so if you`re on a September lease schedule you`d be especially well served by trying to collect post dated cheques at time of lease signing. Explicitly including in collections procedures (ie tenant required to provide cheque at landlords office before end of 1st, rent is not picked up, cannot be paid by cash, etc..) can reduce having to chase people for payment or disputes on what $$ have been paid by cash.
Lifestyle - Garbage and cleaning requirements? Who`s responsible? Common area rules/regulations?
PM agreement - Your pm company should have a contract that they`ll want you to sign.
Also of note:
It`s always desireable to be proactive in management but it`s even more important with student renters. For re-rentals especially don`t just wait for an N9 form - few will provide this or think of it. Also at many schools some students start looking for rentals a long time in advance of a lease start date (ie I start trying to rent some of my properties 8 months in advances of lease end date) so you might want to try get them signed off on N9 forms the day after move in. Some landlords offer payments/contracts to facilitate this. If done correctly you`ll be able to be 100% rented year after year and try for higher rents without much risk - Property doesn`t rent after 1 month? Drop rent slightly to closer to market levels and you`ll still have 7 months to find tenants, etc..
Renters - Try to get a group a friends renting a unit whenever possible as opposed to individuals renting a room. You can spend lots of time playing Dr. Phil with your tenants over missing corn flakes and dealing with noise issues.
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Thank you Adam, that sharing was very kind
