All Forum Posts by: Colten Schwake

St louis park and u of m

Also, its great if you can get a parent to come to the showing of the property (not always possible) but its nice to have adult interaction. They tend to prompt the student through the process faster.

I am new to the student population and it is a hard to get them nailed down, simple and easy is what they need. I require a parent cosigner and screen the parent. The student just fills out an applications.

This is my third year being an investor.  My 1st deal was a house hacked, duplex in a 1st ring western suburb of Minneapolis, 3.5 percent down(9030 down). List for 205,000, it ended up in multiples offers and I got it at 258,000. I doubled the square feet and added a bedroom by finishing the basement. I did all the work myself and ended up spending 21000 on total improvements. I have not had to do any advertise to get the place rented, a solid location.  Valued at $380,000 now, pulled my equity and bought another.

Price: $258,000

Down: $9030

Wrapped Closing: $3000 closing/bank paid the other half

renovations: $21000

Rents: $3,200 

Payment:$1730

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Deal 2# Student house

5 bed 2 bath home built in 2006 in great shape. It is next to the state college in city center.

I used my equity of the 1st deal to purchase the property. 

Valued at $315,000

Price:$289,000

Closing: covered buy seller

Payment:$ 1705

Rent: $2895/579 a kid

No renovation needed, no repair needed and no foreseeable ATM. It is newer than all the other houses in the area. I am a little low on rent because I rented it in the off season for school semesters. I feel like this area will pop as far as desirable place to live, close to downtown and a  nice area...one of the last affordable safe neighborhoods.

This is my most time consuming property as far as getting tenants=students are a frustrating group.? How do you stream line this process? How do you do leases? 

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Number 3# 1970 duplex bought is a 1st time home buyers 1st ring suburb. Prices have been in a steep climb. Added a 3rd bedroom to each side for 7,000. 11 year tenant rent is $1350, she maintains it like her home. I live in the other side till I find my next deal. Market rent is 1600.

Value at $348,000

Price: $268,000

Down:$13500

market Rent: $3200

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What are your thoughts? Suggestions? How well did I do? What could I do better? How do I protect myself during a downturn in the economy? These deals were hard to find and it seems the market is even more dry. I am looking for my next deal, the next stage? 

I am closing on a deal this month. It is a little different than what I am used to, it is a single family home with 5 student renters. There is not a lot of information out here on student housing, I would like to hear from some experienced in this department. The current lease was just resigned for another 12 months, and states that tenants must sign new landlords documents with in reason. Suggestions? 

How have you gone about finding good student renters? Currently there are 5 professional level students there and seem to treat the place okay.