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Updated over 7 years ago, 03/27/2017

User Stats

530
Posts
397
Votes
Bjorik Mutize
  • Real Estate Broker
  • Minneapolis, MN
397
Votes |
530
Posts

Almost College Graduate Beginning

Bjorik Mutize
  • Real Estate Broker
  • Minneapolis, MN
Posted
Hello! I just wanted to ask a question on preference of single family or multi family investments for college rentals? I am about to graduate my senior year, and I have been looking at both that range in the 90k to 120 range for single family to multi-family duplexes. And by driving around I spotted a single family property listed for around 62k 3bd 1 bath. Now if been speaking to some lenders, and I have some confidence if I can find something at the right price maybe I can get a FHA owner occupied. I've been reading that rates for a down payment can be around 3.5%. So theoretically if I can find something at 80k and put like 2.8k down(sorry if the math is off). I think it's doable, of course expenses for rehab and costs for acquisition considered? I just wanted to ask the forum what would be best to start out with? From my research, most properties seemed to be priced right around market, however there is a few that I've caught below that I could possibly look at closely. Right now my stage is team building, I lead a local real estate organization in my school and learning how to analyze these leads a little more diligently so I can minimize my mistakes starting out. I don't have a realtor yet. But all in all I wanted to just ask some advice on the best path starting out for single to multi-family properties in a college town. Thanks!

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