Buying a Rental Condo in a College Town

[Timothy Johnson]

So this is my situation. Me and my brother plan on spending two more academic years at a university (20k students). We both want to get into real estate investing, and figure that instead of us both paying ~9k a year either living on campus, or renting off campus. Why don't we spend approx. the same amount buying our own 2 bedroom condo.

If we can find a condo for sale that would run us about the same (or less) than living on campus or renting, wouldn't this be a better opportunity since we will be building equity in our condo rather than paying someone else and losing the money. Plus the fact that we would be able to get our foot into REI.

Second thought, we would plan to move out after graduation but keep the property as a rental property. Are there any specific factors about college towns/renting to college students, that we should be wary of? Be honest guys.

Thanks in advanced!