Posted by: BCRob rdingle
05/27/2005, 20:32:54
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I once purchased a rental property in Kitchener, ON to use as a student rental property (back in the 80's). Owned it for about 6 months. The city then changed the rules and said no more than 2 unrelated people could live in any rental property in the city (don't know if Kitchener still has this ridiculous bylaw still on the books). I had to sell the property, but made a nice profit in only 6 months (bought for $72,500 - sold for $85,000 and didn't do anything to the property). To be fair though, I found that renting to university students to be profitable, but you have to remember that you'll only have it rented for about 8 months of the year if you go for students (University of Waterloo has co-op work terms, so students are there all year - but not all universities have co-op terms. Make sure you check this out with the university if you go the student route). When you rent to students be aware that there may be more damage to the property than with non-students. They are, afterall, moving in and out on a fairly regular basis. Housing around universities is usually in short supply and there are a lot of unscrupulous landlords out there. Once people hear of a good, well-priced property they can depend on you'll usually have people lined-up to rent it out. Anyone else care to chime in?
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