bobcat90 said:
Thinking about buying a property in the barracks or on fraternity row that are listed right now. All cash. I'm a realtor licensed in another city so, I'm not familiar with the market here yet and the seasonality of best times to buy and then rent out for students. I was told this is the best time as parents are already looking for next year but i don't want to be paying on property taxes for a home that wouldn't bring me income until August. My child is currently a freshman too and want to get her out of the high rent I'm paying for her but lease isn't up until July .
I also don't see these areas though going up in value like I'd like and was told to look closer to campus. Yeah, right. My budget is 200-300k so that doesn't seem likely.
Opinions are appreciated as far as areas with my budget and timing.
You are right at where I was 21 years ago. Son was a freshman in the dorms and I was simply trying to find a way to beat paying for dorm fees. I was a financial advisor and helping people plan for retirement using the traditional methods of stock, bonds, mutual funds and annuities. So I was not looking towards real estate as a retirement strategy, just a way to save on College Cost.
I bought a duplex 5 mins from main campus, 3 mins to the VET School. It was a 3 bedroom 2 bath configuration on each side. I bought it for 146k and because I was super nervous I put down 46k and mortgaged only 100k.
One side was rented out for $900 to three girls and the other I rented to two of my son's friends for $325 each. My son lived free. My nut was $1000 which included mortgage, taxes and insurance. My initial income was $1550 so I was making $550 a month with my son living FREE. Rents are now $1350 each side, below market but I have no mortgage.
Once I realized how profitable this strategy became (took me 3 years to figure it out, maybe because I am an Aggie as well LOL), I began buying more duplexes. I still own the first one I bought back in 2003 and now have 20 units total. Life is good. I highly recommend investment real estate, especially if you have a kid attending college there. BTW, it is also superb retirement income
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I have no problem finding college students to rent. I pre-lease beginning Feb-Mar for July move-in. All my units are set usually by March for the next school year.
If you want to hear more DM would be happy to discuss with you. By the way, I am neither a real estate agent nor a lender. Just an 69 year Old Fart that is enjoying life. Cheers.