Buying near a University

[Account Closed]

Hi all,

I'm new to REI and I am considering purchasing a multifamily property with an FHA loan. I am not sure what location I should be looking in, but there is a local university here. What would be a better investment, buying near a university or in a higher income family-based area? Would there be more upkeeping to do on a university property because these are college kids? Not really sure where to start looking so any advice/opinions would be helpful. Thanks in advance!

(Update: Just realized as I was re-reading this that with an FHA loan I would have to live in the property. I will have to consider that I would be living with college students in this case. Something to think about...)

[JD Martin]

I rent to college students sometimes, as most of my properties are close to the college. If you screen carefully it can work out really well. My last students, their parents pre-paid the entire semester, and they probably never once used the stove or dishwasher. Downside is that they are usually not the cleanest of people, even if they're not party-throwers, so you should expect a little more cleaning up than normal.