Posted by MM on March 02, 2004 at 02:52:14:
i’m not thrilled about renting to college students you said it they’ll probably trash the place . that means headachs and you would be wise to include provisions in your rental agreements about illegal drug usage and arrests stating if one occures then you can evict also might want to include the same for drinking for underage renters if your willing to put up with it then save as much as you can of what you have now for a cussion ( incase they trash it you have somthing to fix it with) that leaves you looking for motivated sellers which you should be doing anyway ( people who “need” not want to sell for some reason or another) oddly enough a good place to find such a motivated seller would be a land lord whos house got trashed by a college student. there’s a bunch of other ways to find motivation a good book on rentals is the unofficial guide to real estate investing . might wanna pick that up it will help you out a lot . then there’s alternatives to rentals like flipping properties and so on there’s a ton of options of what you could do read the message board you’ll get a lot of good ideas (there’s thousands of posts to go through that should keep you busy). i don’t recomend you start yet educate yourself in a few areas of interest then go for it.
as for getting your foot in the door i would try for a internship with a devloper . that may be hard to find one but to get into anything you always have better luck showing you know somthing . studie the companies you would like to work in then come up with a way to save them money they’ll consider you over other candites most the time if you do .
COLLEGE RENTAL FOR FIRST TIME INVESTOR - Posted by Scott
Posted by Scott on March 01, 2004 at 21:52:20:
So here?s the deal:
I?m a college student majoring in Business Admin. with a concentration in finance, and when graduated I would like to get in to the real estate development/Investing business. So I figure one of the best things I can do is get some hands on experience in the real estate business. I would like to purchase a house, duplex or a small multi-unit building. I need some good advice from investors with experience. I don?t have a ton of money but I have about $14,000 cash, with another $10,000-15,000 I could possibly deal with in my trust fund. My parents have great credit and said they would co-sign for me if needed since I don?t really have any credit at this point in my life. So my question is what could I actually afford and what would be the best investment for me to start out on. My personal idea is to buy a house near my college and rent it out. Houses seem to sell for $120,000- $200,000 and rent around here seems to be between $1,200 and $2,200 which mostly depends on the distance from campus and the number of bedrooms in the house and not necessary the condition of the house. It seems like I could have a nice chunk of cash coming in each month after the mortgage and expenses based on these figures. I know that the house will probably get trashed renting to college students but the houses around here are already trashed and get rented year after year being this way. I also think it?s a good idea because it is pretty easy to find college tenants year after year. Any advice you can give me would be great. Should I buy a house, duplex, or multi-unit complex? What can I actually afford? Is buying a college rental a good idea? A good start for a first time investor? It is also hard to find houses for sell since other investors quickly snatch them up; are there any ideas of how to get a hold of some of these properties? Any other advice you can give would be greatly appreciated.
P.S. Off topic, but what would be a good way for me to get my foot in the door for a future career in Property development? Should I get an internship this summer with a developer, or a commercial real estate broker? Any other ideas?