Potentially Helpful for Other Student Acc Landlords

[OhhEnnEmm]

Myself and 2 friends have several student houses in the city (we live in one). Up until now we have just charged rent and told the students in the other houses they can sort their utilities between themselves.

Issues have begun to occur in that the bills aren't being paid by the tenants and due to being in my name, I suffer the loss.

After speaking to some of my older and wiser pals, I've started the process of sorting out this multi-meter energy contract, which means I will be able to pay for all of the houses energy in one bill, now I just have to adjust the students' rent accordingly.

I know a lot of you guys on here are likely smart enough to not make my mistake, I am always very honest in that I'm learning as I go on, and I'm always happy to take advice from the people who have done it for years before me! But I hope this could still potentially be helpful to some of you? Possibly if there are any other younger "landlords" on here.

P.S - Please don't rip into me, I know now that it was a daft move, but I do personally know the students and I just wrongly trusted them!

Thanks!

 

[Jon]

Myself and 2 friends have several student houses in the city (we live in one). Up until now we have just charged rent and told the students in the other houses they can sort their utilities between themselves.

Issues have begun to occur in that the bills aren't being paid by the tenants and due to being in my name, I suffer the loss.

After speaking to some of my older and wiser pals, I've started the process of sorting out this multi-meter energy contract, which means I will be able to pay for all of the houses energy in one bill, now I just have to adjust the students' rent accordingly.

I know a lot of you guys on here are likely smart enough to not make my mistake, I am always very honest in that I'm learning as I go on, and I'm always happy to take advice from the people who have done it for years before me! But I hope this could still potentially be helpful to some of you? Possibly if there are any other younger "landlords" on here.

P.S - Please don't rip into me, I know now that it was a daft move, but I do personally know the students and I just wrongly trusted them!

Thanks!

Crikey at 20 years old you’ve done well to already own a handful of houses which you let out!

 

[The Reverend]

Why are you ever having the bills in your name? Any tennented property the bills should be in the tennent's name.

Unless you are letting but not doing it properly to pay tax living in the actual property, there is no benefit to the you having the bills in your name.

Also, but having 'bills included' on a student house, when they decide to set up a pot grow house living salad business you will be responsible for the sky high bills. Also, being students, if they wanted to run electric radiators/heaters over winter, you'll be paying £££.

I was a student once, but in my student houses someone had to take responibility of the bills.

 

[Jon]

Aye thinking back to when I was a student everything was in our names. so Virgin Broadband, gas, leccy, tv license. HOWEVER, i know they now do these 'pay £400 a month and everything is included' student houses (at least in Leeds!) where i don't think anything would end up in the Students name.

 

[The Reverend]

Aye thinking back to when I was a student everything was in our names. so Virgin Broadband, gas, leccy, tv license. HOWEVER, i know they now do these 'pay £400 a month and everything is included' student houses (at least in Leeds!) where i don't think anything would end up in the Students name.

I had one student house like that...it was a 10 bed mansion and the tumble drier was coin operated! I

As a student I'd actually want some stuff in my name to help build my credit record but I bet there are plenty of students who are happy having an 'all in' price.

 

[Jon]

I had one student house like that...it was a 10 bed mansion and the tumble drier was coin operated! I

As a student I'd actually want some stuff in my name to help build my credit record but I bet there are plenty of students who are happy having an 'all in' price.

Aye, like i said they are advertised on GIANT BILLBOARDSSS all over the student areas in Leeds but man those landlords must be making money hand over fist making everyone pay a set amount!!

 

[The Reverend]

Aye, like i said they are advertised on GIANT BILLBOARDSSS all over the student areas in Leeds but man those landlords must be making money hand over fist making everyone pay a set amount!!

The reasoning (if I recall correctly) is that Student properties are legally allowed to be smaller and with less amenities. So I you can put in a 30m2 studio apartment and get £500 a month OR 2x 15m2 for £500 each BUT include hot water/electrics you are making so much money!

There is a huge student block near Waterloo built exactly for that reason.

but they are great for investors and often the renters aren't expecting to be there longer than a couple of years and probably can't rent if they are no longer students!

https://www.standard.co.uk/business...-housing-survive-brexit-fallout-a3613011.html