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Updated almost 4 years ago,
First investment questions
Hello,
This its my first post on bigger pockets forums hope y'all could give me some insight. I'm a senior in high school with some money saved up from working and assets. With parents with credit scores that could co sign for me (if they agreed with the investment as well and would be ok with me not there to manage). I am currently planning on guiding (working without expenses) from June-February to earn more money. I found a property near a large college in Florida that is 6 beds 2 1/2 baths for 306k (single family). Thinking of the possibility of doing a low down payment option 3-10%. I was interested in the "boarding style" (renting out each of the individual rooms) as it seems it could bring in much higher month to month rents. How would you go about calculating that type of rent per room? Take the single bed average of area and taking a few hundred off as it would be multiple people in one house? Also is it harder to rent out individual rooms in a single family? I also wouldn't be able to manage the property myself until around February is it better to wait to start until I can do it myself or are these different apps and services really enough to manage from afar? The neighborhood its self seems to be a bit higher crime and lower property prices but there isn't a house even close to this price for the size. Property has been on the market for around 20 days so maybe there is something big I'm missing. Talked to Realtor and there are no serious issues with property needs a small bit of rehab but nothing insane in my opinion. Any help or advice would be greatly appreciated as I'm obviously very new to real estate game. I want to get in and start a portfolio as soon as possible but also want to be smart about it and not fall on my face...
Thank you!