Realtor · Panama City Beach, FL · Member since 2020 · 95 posts · 50 votes
I am a Real Estate Agent in Panama City Beach and have a son that is going to FSU in Tallahassee. I am thinking about purchasing a single family home or multifamily as an income producing property along with a place for my son to stay. Anyone have any advice on this? is multifamily better for this than a single family home, with multiple rooms to rent out? My son has two more years left and my other son will be going to college in 2026 so I am thinking this may be a good idea to make a little income and get some appreciation after 5 to 6 years of owning. Thank you!
Real Estate Broker · Charlotte · Member since 2024 · 29 posts · 20 votes
2y
Bubba,
I remembered helping my client sell his house a month after his son graduted from college. He said it was the best move he made as he walked away with a big check from the appreciation from the house his son lived in for free.
I recomend getting the lowest price new construction house near the college your sons are going to. A 4+ bedroom will be great so they can rent the rooms to other college students in the area. There are websites where you can list the share rooms for rent.
If you can't find a new construction house try to get a house built 2000+ year to avoid repairs as much as possible. I will also take out all carpet if any and replace it with LVP floorings that way when you are ready to sell it you will only have to paint the house and minor repairs to put it on the market for sale.
I remembered helping my client sell his house a month after his son graduted from college. He said it was the best move he made as he walked away with a big check from the appreciation from the house his son lived in for free.
I recomend getting the lowest price new construction house near the college your sons are going to. A 4+ bedroom will be great so they can rent the rooms to other college students in the area. There are websites where you can list the share rooms for rent.
If you can't find a new construction house try to get a house built 2000+ year to avoid repairs as much as possible. I will also take out all carpet if any and replace it with LVP floorings that way when you are ready to sell it you will only have to paint the house and minor repairs to put it on the market for sale.
I hope that helps.
Best regard,
Lily Rodriguez - Investor friendly Broker
Lily, thank you so much for the information, very helpful! I might put the plan into motion very soon.