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aglaura
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« on: December 13, 2007, 12:22:16 PM » |
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In my college town, like many I suspect, houses are cheap, rents are pretty high due to the tight rental market. I've considered purchasing a rental house, partly for the investment, and partly to serve a need I see among students in my program--particularly the international students. I would like to be able to provide a quality property, perhaps furnished, for a bit lower than market rents, to serve these students who come to our town with nothing. I would advertise just within my own program or through word-of-mouth. I could make some money doing this, as well as fill a need.
Does this seem like a really bad idea? Do I want to be my students' landlord? Would that make the classroom relationship more difficult? Are there ethical issues I'm not thinking about? I avoid asking students to do personal work for me, like babysitting or housesitting, because I don't want the appearance of a special relationship with any particular student, or give them any reason to expect differential treatment from me. Being their landlord creates the same problem, doesn't it?
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"Gray's my favorite color. I felt so symbolic yesterday." --Counting Crows
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august_leo
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« Reply #1 on: December 13, 2007, 02:40:08 PM » |
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Are you married? Could you spouse be the official landlord?
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Your environment sounds vaguely toxic. Or maybe just characteristically British.
I heart august_leo.
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prytania3
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« Reply #2 on: December 13, 2007, 02:43:55 PM » |
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The real question is do you want to be ANYBODY'S landlord? I have 3 rental houses that are rented out to families, and they take a lot of time and attention; moreover, things break. Tenants complain-sometimes they don't pay the rent; sometimes they trash the place. Right now I have good tenants in all 3 houses, but trust me, I've been through it.
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Clowns, I tell you. Clowns.
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aglaura
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« Reply #3 on: December 13, 2007, 02:45:55 PM » |
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My spouse could certainly be the landlord of record, and deal with any day-to-day complaints or issues. I suppose that might help avoid any conflicts, but I'm not sure it would completely overcome appearances or expectations.
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"Gray's my favorite color. I felt so symbolic yesterday." --Counting Crows
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prytania3
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« Reply #4 on: December 13, 2007, 02:49:40 PM » |
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My spouse could certainly be the landlord of record, and deal with any day-to-day complaints or issues. I suppose that might help avoid any conflicts, but I'm not sure it would completely overcome appearances or expectations.
Do you have extra money for things that break? Hot water heaters and furnaces ain't cheap. Neither is fixing the roof if it should leak. Oh, and don't forget plumbing. That can be a disaster if the pipes back up. Or freeze. |
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Clowns, I tell you. Clowns.
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donstefano
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« Reply #5 on: December 13, 2007, 03:42:29 PM » |
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buying a house to rent it out: good idea.
Renting to your own students: absolutely not - very bad idea. Rent to students in other depts., but not to those from your own. A tenancy related problem will spill over into the prof-student relation, and vice versa. Keep these separated.
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tolerantly
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« Reply #6 on: December 17, 2007, 02:12:21 AM » |
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Also, what you're proposing has the potential to get you in legal/financial trouble. If you're a landlord, you can't discriminate. If someone else wants the apt, looks OK, and can pay, you'd better have a good explanation for why you turned her down and went with your student. If you charge much below market rents and IRS finds out, they'll tell you you are not running a business, and then your taxes will suddenly get much higher.
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galactic_hedgehog
Procrastinating, Python-quoting, Blue Blazer-drinking, chocolate-chip cookie-eating, Pastafarian, Not So
Distinguished Senior Member
Posts: 18,564
Mind Ninja
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« Reply #7 on: December 17, 2007, 02:53:45 AM » |
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No idea if this could work, but is there an international students' organization at your school? If so, perhaps they could rent the entire building from you and, in turn, provide the housing to their members?
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Your professors were probably afraid of your galactic genius and did everything they could (behind the scenes) to thwart your hedginess. Hedgie loves to read. |
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