College Rental Properties

[Steve Novosel]

Hello everyone,

I am a college student currently as well as a Real Estate Agent. As an agent, I help students (my friends and peers) find off campus housing. At my school, having an off campus house is extremely desirable. I have found an excellent potential rental property that I have shown to several groups of students, many of which who have said they would be willing to sign a lease immediately, as well as have their parents' cosign, should the property become available. The property in question is currently for sale at 149k, and is new construction. A mortgage payment for a house at this price would be around 500-600 plus real estate taxes and homeowner's insurance. In my rental market, a house of this size and location could be 1800/month. How would I go about doing this without having to shell out the first 20k for closing costs, down payment, and mortgage payments for the first 6 months until the tenants begin to make payments? Like I said, I have guaranteed tenants, I would only need possession of the property. What would be the best way to go about this with minimal out put?