Here’s What Happens When You Rent to College Kids

by Darwin on December 21, 2011

shank

This picture pretty much says it all. Recently, I highlighted how AFTER we closed, the insurance company for our college rental properties came out and whipped up a bunch of costly repairs we would have to undertake or else we’d lose our coverage – which in turn would have the bank revoke our loan.  So, we were in a pickle and our ROI went to crap fast (long term it’s still good, but 2011 is a bust).  We had to quickly make several costly repairs, including busting out the old sidewalks and installing new sidewalks at all three addresses.  Joy.  So, I was doubly annoyed when I got a note from the property manager that over the course of the night, there had been some “issues” with the concrete.  He said something about a “shank” but I didn’t get the full appreciation for what he was referring to until he sent over pictures.

Karma’s a Bitch…

Evidently, the students we rent to are not only rowdy and destructive enough to deface a perfectly good piece of sidewalk that’s curing, but they were dumb enough to inscribe their own initials into their work.  As it turned out, since the property manager caught it the next morning, he was able to smooth it out still and didn’t have to redo the entire job.  But it did come at additional cost, which will of course be coming out of their security deposit.

The reason I say Karma’s a bitch is because as frustrating and costly as this type of thing is (especially under a critical deadline), my partner and I roundly admit that we were complete goofballs and used to do the same type of stuff in college.  There were many a possession or property that we urinated on, broke, threw, stole or did whatever else the alcohol told us to do back in the day and now we’re getting our deserved share I suppose.

The moral of the story is that kids will be kids, college kids will be idiots, and adults that rent to college kids should go into it knowing ridiculous stuff is going to happen.

 

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