I’m 19 and about to close on my first rental property! It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live. I got the property off-market for $250k from a trusted family friend. It’s less than 15 minutes by car from two major universities (Towson & Morgan) and just a 7-minute walk from a shuttle that services both campuses.
I plan to rent the property by the room, targeting mainly college students due to its proximity to the schools. With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy. My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.
I also set up an LLC and a business account to track rental income and expenses.
Questions:
Do you have any advice for me as a young real estate investor?
Do you think my age will impact my authority as a landlord?
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
What are your best tips for screening tenants, especially for student renters?
Are there any specific clauses I should include in a room-by-room lease for a shared living space?
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
Based on the numbers and my strategy, do you think this is a good investment for my first property?
I’m excited but also know there’s still a lot to learn, so I appreciate any insights you can share. Thanks in advance!
Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
1y
@Garry Lawrence Nice. I got started the same way. When I was 19 I was washing dishes out of high school in Columbus and then decided to buy a single-family rental. So I bought a cheap single-family rental in a C location. I used to go and bang on the door to collect rent in cash which I don't do anymore, but I learned a ton with my first one.
Do you have any advice for me as a young real estate investor? The best piece of advice I can give is just pull the trigger. Too many people get stuck in analysis by paralysis and then before they know it it's been 5 years and they are in the same spot
Do you think my age will impact my authority as a landlord? Yes. Been there done that. On my first rental, I was dumb enough to tell them I was the landlord which was a mistake. Just tell them you work for the Property management company in my opinion.
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend? Me personally I wouldn't furnish the common area in a rent by the bedroom college rental.
I plan to put a $600 utility cap in the lease. Is this a good or bad idea? I am not familiar with your market, but can you sub-meter all the utilities?/ What is the standard in your market? Maybe some people from Baltimore can chime in
What are your best tips for screening tenants, especially for student renters? Check the County court records. If you are going for college students you will most likely also have their parents co-signing for them since most of the students will probably have next to no credit score or income.
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests? If you have one rental Google Sheets/Excel is more than enough
Based on the numbers and my strategy, do you think this is a good investment for my first property? Maybe some people from Baltimore can chime in
Rental Property Investor · Hampstead, NC · Member since 2024 · 107 posts · 54 votes
1y
Congratulations! Wow that is exciting & I am sure there are many (including myself) who are jealous we didn't start investing at a younger age.
I am going to let the experienced investors answer your great questions. My expertise is property management & I could help you with how to choose the right property management company, but it appears you are planning on self-managing. I'd encourage you to be tight with your lease & learn the local laws so you are compliant.
You will definitely be a young landlord but how you handle yourself will set the stage. You are a business owner now - just act like it. Be professional in your communication & in-person presentation. As a college student landlord you may have interaction with parents & if they find you unprofessional that may raise red flags, but if you have your s**t together you can ease those concerns.
I am a big fan of college rentals. Getting connected with a campus organization to advertise your rental may be a good idea. May find a higher quality of student & you get all students from that organization in your home they will find the next tenant from within their organization when they move out. Campus ministries are a good example (Cru, Young Life, InterVarsity). Good luck - looking forward to hearing the experts with their advice!
I forgot to add that the insurance and tax is included in my mortgage of $2,005. Thanks to God I have a well paying job and plan to use that income for any issues that may arise like vacancy or maintenance expenses. After buying the property, I also still have $12k in stocks that I plan to use as a last resort.
Congratulations! Wow that is exciting & I am sure there are many (including myself) who are jealous we didn't start investing at a younger age.
I am going to let the experienced investors answer your great questions. My expertise is property management & I could help you with how to choose the right property management company, but it appears you are planning on self-managing. I'd encourage you to be tight with your lease & learn the local laws so you are compliant.
You will definitely be a young landlord but how you handle yourself will set the stage. You are a business owner now - just act like it. Be professional in your communication & in-person presentation. As a college student landlord you may have interaction with parents & if they find you unprofessional that may raise red flags, but if you have your s**t together you can ease those concerns.
I am a big fan of college rentals. Getting connected with a campus organization to advertise your rental may be a good idea. May find a higher quality of student & you get all students from that organization in your home they will find the next tenant from within their organization when they move out. Campus ministries are a good example (Cru, Young Life, InterVarsity). Good luck - looking forward to hearing the experts with their advice!
Hi Health,
I am planning on self managing it. Thanks for the advice about getting connected with the campus organizations. Again thanks for the advice it really helps and I hope you have a blessed day!
Financial Advisor · FL · Member since 2024 · 441 posts · 99 votes
1y
Congratulations on starting your real estate journey at just 19! Beyond the foundational advice others have shared, there are a few critical areas to focus on. First, think about asset protection and consider whether holding your property in an LLC or similar entity might provide liability advantages—consulting a real estate attorney can clarify your options. Additionally, take time now to build relationships with reliable vendors and contractors; having a go-to network for maintenance issues will save you time and stress. On the financial side, work with a CPA who understands real estate to optimize your tax strategy, especially for deductions like depreciation and expense write-offs. Networking is another powerful tool—engage with local real estate groups and seek mentorship to accelerate your learning and build connections that will support your growth. Finally, define your long-term investment strategy, whether you're aiming for cash flow, appreciation, or a combination, so that each decision aligns with your bigger goals. Starting so young gives you a tremendous advantage; with the right planning and focus, you'll be well on your way to long-term success.
Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
1y
@Garry Lawrence Nice. I got started the same way. When I was 19 I was washing dishes out of high school in Columbus and then decided to buy a single-family rental. So I bought a cheap single-family rental in a C location. I used to go and bang on the door to collect rent in cash which I don't do anymore, but I learned a ton with my first one.
Do you have any advice for me as a young real estate investor? The best piece of advice I can give is just pull the trigger. Too many people get stuck in analysis by paralysis and then before they know it it's been 5 years and they are in the same spot
Do you think my age will impact my authority as a landlord? Yes. Been there done that. On my first rental, I was dumb enough to tell them I was the landlord which was a mistake. Just tell them you work for the Property management company in my opinion.
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend? Me personally I wouldn't furnish the common area in a rent by the bedroom college rental.
I plan to put a $600 utility cap in the lease. Is this a good or bad idea? I am not familiar with your market, but can you sub-meter all the utilities?/ What is the standard in your market? Maybe some people from Baltimore can chime in
What are your best tips for screening tenants, especially for student renters? Check the County court records. If you are going for college students you will most likely also have their parents co-signing for them since most of the students will probably have next to no credit score or income.
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests? If you have one rental Google Sheets/Excel is more than enough
Based on the numbers and my strategy, do you think this is a good investment for my first property? Maybe some people from Baltimore can chime in
I’m 19 and about to close on my first rental property! It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live. I got the property off-market for $250k from a trusted family friend. It’s less than 15 minutes by car from two major universities (Towson & Morgan) and just a 7-minute walk from a shuttle that services both campuses.
I plan to rent the property by the room, targeting mainly college students due to its proximity to the schools. With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy. My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.
I also set up an LLC and a business account to track rental income and expenses.
Questions:
Do you have any advice for me as a young real estate investor?
Do you think my age will impact my authority as a landlord?
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
What are your best tips for screening tenants, especially for student renters?
Are there any specific clauses I should include in a room-by-room lease for a shared living space?
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
Based on the numbers and my strategy, do you think this is a good investment for my first property?
I’m excited but also know there’s still a lot to learn, so I appreciate any insights you can share. Thanks in advance!
Hi Garry, congrats on your first investment property! That's seriously impressive for a 19-year-old! Let me break down some advice for each of your questions:
1. As a young investor, stay organized, keep learning, and don't be afraid to ask for help. Network with other local investors and always have a solid emergency fund.
2. Your age might raise some eyebrows initially, but as long as you're professional then you should be good. Be direct, have clear communication, and show you're serious about being a good landlord.
3. I'd recommend partially furnishing common spaces. It makes the property more attractive to students and can justify slightly higher rent. Think basic, durable furniture that looks good but can withstand college life.
4. I'm not familiar with your market but $600 should be reasonable. Just be super clear in the lease. Include specifics about what's covered, overage charges, and how you'll track/bill utilities. Consider splitting utilities or using a utility management service.
5. Require co-signers (like their parents), check references from previous landlords or college housing, verify enrollment status, and personal interviews to gauge responsibility.
6. Maybe you can add clear rules on noise, guests, shared space usage, cleaning responsibilities, maintenance expectations, and specific guidelines for shared bathrooms/kitchen.
7. For a simple/budget-friendly option, Google sheets/Excel can actually be a great starting point.
8. Again, not familiar with your market but your numbers seem conservative, which is smart. Just be prepared for potential vacancies.
My advice is to build relationships with university housing offices. They can be great referral sources for responsible student tenants.
Best of luck with your first property! Happy to connect and answer any questions you may have.
I’m 19 and about to close on my first rental property! It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live. I got the property off-market for $250k from a trusted family friend. It’s less than 15 minutes by car from two major universities (Towson & Morgan) and just a 7-minute walk from a shuttle that services both campuses.
I plan to rent the property by the room, targeting mainly college students due to its proximity to the schools. With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy. My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.
I also set up an LLC and a business account to track rental income and expenses.
Questions:
Do you have any advice for me as a young real estate investor?
Do you think my age will impact my authority as a landlord?
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
What are your best tips for screening tenants, especially for student renters?
Are there any specific clauses I should include in a room-by-room lease for a shared living space?
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
Based on the numbers and my strategy, do you think this is a good investment for my first property?
I’m excited but also know there’s still a lot to learn, so I appreciate any insights you can share. Thanks in advance!
Hey Garry! Love to hear and see it man. I would love to get on a call with you and talk some more. Young investor myself and it would be nice to connect and stay connected. Brainstorm when need be. Shoot me a message if you can make time for it!
I’m 19 and about to close on my first rental property! It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live. I got the property off-market for $250k from a trusted family friend. It’s less than 15 minutes by car from two major universities (Towson & Morgan) and just a 7-minute walk from a shuttle that services both campuses.
I plan to rent the property by the room, targeting mainly college students due to its proximity to the schools. With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy. My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.
I also set up an LLC and a business account to track rental income and expenses.
Questions:
Do you have any advice for me as a young real estate investor?
Do you think my age will impact my authority as a landlord?
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
What are your best tips for screening tenants, especially for student renters?
Are there any specific clauses I should include in a room-by-room lease for a shared living space?
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
Based on the numbers and my strategy, do you think this is a good investment for my first property?
I’m excited but also know there’s still a lot to learn, so I appreciate any insights you can share. Thanks in advance!
First, props for starting.
Advice:
- learn to underwrite expenses. Where is vacancy, maintenance/cap ex, asset protection, PM (include it even if self managing as you deserve to be compensated for your efforts), utilities, misc. understand the 50% rule.
- recognize you are combining 2 if the highest effory rent models: student rental and rent by room.
Age: I think it will but you can minimize it by being knowledgeable, professional, confident, and fair. My son is 22 years old and leading his 2nd large rehab (1st was about $40k, 2nd will likely be $50k). He deals with vendors and contractors. They tret him like he has done dozens. It may help my son.
Staging versus furnishing: students are hard in furniture. They drink and barf. They rough house. They eat where they want. I would avoid furnishing. If you stage, consider a virtual stage. A 19 year old nay be able to figure out how to do this. Regardless, it shoukd be a lot less expensive than a real staging.
Utilities will be an issue. If you put a cap, what happens when the cap is exceeded. I guarantee most will point to someone else for the overage. It is one of the reasons rent by room is more difficult to manage.
I have no experience with rent by room and the associated common space. I suspect it will be well used and have high maintenance costs.
Software: office of google office, asana, possibly quickbooks (i would normally not suggest for a single rental, but the rent by room compounds things).
Good investment!: I think your profit numbers are way high. Would i think about this? Not a chance. Do i think it is good for you? Possibly. You will learn a lot. I suspect most of what you will learn will not be favorable, but you will be learning. I suspect you will learn the difficulties of student and rent by room models. You will learn the cost of maintenance/cap ex and how tenant quality plays a big role. You will learn the time and effort required of managing such a unit. Hopefully you learn that RE can be a weakth creator even if this is more of a learning property.
Rental Property Investor · Member since 2023 · 1k+ posts · 922 votes
1y
Do you have any advice for me as a young real estate investor?'
Stop bringing up your age. Being young isn't an asset here. Be the boss. I'd go with, I just closed my first real estate rental.
Do you think my age will impact my authority as a landlord?
I think it will hurt you in that you'll be too forgiving of people, try to make friends with the college kids your renting to or keep bringing it up all the time.
I’m debating whether to furnish the shared areas or just stage them for photos and viewings. Which would you recommend?
Student housing you market through the colleges and you HOPEFULLY will get one group of kids to rent the townhome and the parents will take it from there. I question how close it could really be to the college though -- i.e. not walking distance.
I plan to put a $600 utility cap in the lease. Is this a good or bad idea?
It is a bad idea to include any utilities in the lease. Make the tenants pay their own utilities.
What are your best tips for screening tenants, especially for student renters?
Same as you'd screen anyone else with very close attention paid to which parents you select to guarantee the lease.
Are there any specific clauses I should include in a room-by-room lease for a shared living space?
What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?
For one unit I'd think you could keep track of it in excel or a free database app. There's also free services for tenants to pay their rent online which include some light accounting features. I don't know the names of any but people on these boards use and could recommend one to you.
Based on the numbers and my strategy, do you think this is a good investment for my first property?
No. Your first property should be your primary residence, period.
Thank you for the valuable advice! After reconsidering the utility cap, I’ve decided to only include Wi-Fi as a provided utility, and have the other utilities split between tenants. I’m also making the property my primary residence to lower upfront costs, effectively turning it into a house hack.
With this setup of me now occupying a room and not including utilities. I will charge a rent of $850 for the other 2 rooms and $1,100 for the basement (because it's more private with it's own bathroom). My updated expected monthly rental income will be $2,800, resulting in a cash flow of $795 per month (excluding my share of the split utilities).I plan to set aside at least 80% of my cash flow for property-related expenses.
Additionally, I’ll be installing keypads and security cameras for enhanced safety and operational efficiency. Thanks again for all the helpful suggestions, and I look forward to hearing more advice!
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
1y
Hey man, congrats on the first deal!
One thing I didn't see mentioned was what the value of the place is? Buying a nice place for 250k that's worth 250k is less sexy than having equity from day one.
I alsodidn't see any mention of HOA fees/dues and or rules. Being a townhouse most of them have CC&R's that you need to ensure you're following.
1) I got started in RE back in 2014 at the age of 20. Feel free to browse my old cringe posts as proof lol. Be careful not to place your identity in your age/success in RE. Being "boy wonder" can lead to ego and pride definitely comes before the fall.
2) Irrelevant. No one has ever asked me.
3) Depends on if you want longterm or short term residents.
5) We used Redstar https://www.redstarbackgrounds.com/ they give you accept/decline recommendations. Verify credit, employment, etc for you.
6) I would definitely want noise (quiet hours), guests, and treatment of common areas covered.
7) We've used Rent Manager as it focuses more on the financials which I think is super important. That's actually one of my pieces of advice for you... learn how to do your own book keeping so you know your P&L in real time at all times.
8) Hard to say without knowing the value of the place, CC&Rs, as well as any HOA fees/dues.
Baltimore County has rental laws which prohibit more than two unrelated persons living together in a home. Reporting by concerned neighbors can be done anonymously online, which will prompt an investigation. The investigation will ask for pictures of license plates on vehicles parked in the driveway, witness statements, and unannounced visits by the County to investigate.
I don't want to see you bank on having multiple un-related renters and have your plan fall through in the first few days.
Also, do not become involved in your renter's utilities. Make them pay their own.
Do not furnish the home in any manner. Your renters will destroy these items and want you to replace them. These are costs and headaches you do not want.
Your age is not an issue. Don't mention it to anyone. Act professional. Don't cut your renters any breaks on any items.
