Dover, Delaware Real Estate Investor

[Tim Steward]

Hi all,

My name is Tim Steward and I am making the move to the Dover, DE area this fall as I will be starting grad school at Wesley College. I would love to be able to begin my real estate investing career at the same time! Instead of renting an apartment I am hoping to buy a duplex that needs some TLC, fix it up and rent out the other half. After I finish school in two years I will either sell the property or hire a property manager and rent out both sections of the house. I plan on using an FHA loan to take advantage of the 3.5% down payment and possibly a 203k loan depending on the repairs needed. If anyone has any thoughts or suggestions regarding this strategy they are more than welcome! Also I have never even been to Delaware and have no idea about the area and the real estate market. I am visiting soon and will be starting my research but anyone who is familiar with the area that has any knowledge or contacts that could help would be much appreciated! Thanks!

[Eric Armstrong]

Hey @Tim Steward- Consider looking into student housing around campus.  This almost guarantees tenants year after year and gives you the option of getting parent cosigners.  I'm not currently familiar with the area surrounding campus, but 10 yrs ago, one side was good and the other side wasn't.  If a price seems too good to be true, it probably is.  There is also the Dover air base there so I would research/ask questions here on BP about military housing. Welcome to DE.  And I can vouch for @Vincent Garman, he assisted me in purchasing a rental property.  All the best.