Apartment building near a college

[Allen Claussen]

My wife and I are looking into buying a 13-unit apartment building near a college. Every way I put numbers in from the BP calculators, it comes out great. The building looks great but has been on the market for almost 3 months.

My question is… Can someone tell me about their experience in investing into an apartment building near a college? What are the benefits and the downfalls of your experience?

Thanks!

Allen Claussen

[Todd Dexheimer]

Originally posted by @Matt Weiler:

@Todd Dexheimerun unfortunately, not any of your 3 solutions are practical and legit IF you want to make your property a competitive option to nearby students.

1. Only offering 1 or 2 yr lease options in a college town is impractical and not catering to your clientele

2. If you're unit houses 2 or 3 students, good luck getting 2 or 3 parents to guarantee the lease

3. Only renting to juniors, seinors, and grad students is ridiculous.

Bummer! I guess the strategy I’ve successfully employed on my student rentals for the past 8 years will not work anymore.