9:15 AM, 12th August 2019, About 2 years ago 7
I have decided to let my property to students, but as the property still being refurbished I have missed the opportunity to let to a group of students under one contract as I was told would be the best option.
I am now considering letting to individual student tenants to fill the rooms. I have just had a terrible experience going through a court case evicting a family from my property which cost me thousands of pounds in unpaid rent, fees, mortgage payments and builders cost.
It’s been 12 months and I have been paying the mortgage out of my own funds and getting pretty depressed as my other tenant also gave notice and there has not been much interest so far. The market is terrible out there it seems.
I would really like advice about how to make sure that I don’t make a mistake and avoid going to court when letting individual rooms to 5 different tenants.
I have been running my small portfolio successfully for the past 10 years, but after the terrible experience I am worried about being in the same situation again. I have put an advert with an agent, but even he told me there are tons of empty properties available and I missed the student season. I have put an advert with the local uni and spare room have interest, but from individuals rather than groups.
Could I have some advice around how to make sure I choose the right students, ie if a foreign student they will not have a guarantor so how much deposit I should ask for, I hear agents ask them to pay 6 months upfront. Say it’s a local student what type of contact etc.
Please kindly help me. I really need it.
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