If you are thinking about purchasing an investment property for college, consider this..........
Here we go – back to school time! For some, it’s the start of freshman year of college. For others, it marks the final year before transitioning to a career. College housing can be EXPENSIVE! SO, does it make sense to invest in buying a home to use and potentially rent during the college years?
The answer is: it depends on the numbers, location, and amount of time you want to spend with property management.
If you are thinking about college housing investments, here are important considerations:
- Make sure you know the area. Is there a high demand for off-campus housing? Are there pockets that are known to be safer areas than others? Are there any special rules that may apply?
- Look at the numbers. It can be tricky to secure an investment property in this market. Think about how you could creatively make enough rent during the school months to cover your mortgage, tax, and insurance costs. Can you rent by the room? Can you require full year leases? What are other homes renting for?
- How will you find tenants? Background and credit checks can be super helpful. Are there other ways to find tenants that will respect the property?
- Can you handle any repairs or issues with the home that come up? Maybe the refrigerator breaks or you need a new window. How would you handle that?
Investing in real estate can bring great returns – college housing is the same. Just make sure to do your homework before jumping in!
Freedom Team Real Estate Agents (Kyle Meyer, Lauren Nobbe, Valerie Bohn) serving Appleton, Neenah, Oshkosh, Fond du lac and surrounding areas in Wisconsin. Check us out at www.joinfreedomteam.com or by contacting Kyle or Lauren at 920-410-7230 or Valerie at 920-232-8683.
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