What time of year to buy colllege rental property?

[Schuyler R.]

I'm new to real estate investing, but have been reading BP for a month or so now as part of becoming educated about REI.

I live next to a big time college campus with lots and lots of opportunities to buy and rent to college students. Obviously in depth screening/previous landlords/credit checks/good security deposits will be a major part of the process...but let's put that aside for right now.

When would you purchase these properties to rent? In my experience, and from what I hear, it seems that college students here begin to look for their Fall housing in the early February-early April range. That would mean I would need to be closed on a house around the beginning of the year in order to have it on the rental market -- but I also will have to sit on it for a few months of negative cashflow before the lease starts in August.

Anyone run into this problem? Any suggestions on how to minimize negative cashflow between purchase and start of first lease?

Thanks.