All Forum Posts by: Evan O'Brien

Congrats on the purchase, Dena! We are looking into a Myrtle Beach str condo as well. I'd be curious to hear about your experience. I'll send you a pm. Thanks in advance

Hi William,

I think new, fancy housing will always get developed, but there will always be a demand for decent older student rentals. What are the specifics on these student rentals that are going vacant? If they have been properly maintained and the landlord is quick on future repairs that come up, they should never be empty (I have been doing student rentals in New Paltz, NY since 2004). Time will tell. Ithaca is a pretty attractive town, so there should always be demand.

Hi Edwin,

Welcome! I specialize in New Paltz, NY. What area are you looking into?

Hi Vincent,

You and thousands of other people are looking for Hudson valley deals. Wholesalers, auctions, etc might be a good way, but I hear there are a lot of people bidding at those, too. Alternatively, connecting with someone of influence who knows a lot of people in a town or area could be a good pipeline. Offer them a referral fee for finding you that house in need of tlc that someone is ready to sell because a family member retired to Florida or passed away. I once heard a podcast story where a mailman found deals because he was literally walking a neighborhood for years and knew many people. Good luck!

Hi Sean,

Welcome to Bigger pockets! I have been doing NYS student rentals for over 20 years. Can you provide more details on this deal, like: 

What college town is it in? What is the expected rent per room per month? Who will manage/maintain it? Will it turn a monthly profit after taxes/insurance/maintenance/loan service are all paid? I look forward to the details!

Cheers,

Evan

That is a student rental? That looks very nice.

No problem! ps - when possible, grad students are the best tenants followed by seniors. They are both usually too busy w/school and work to cause drama or problems. 👍

Hi Richard,

I have had room by room student rentals in single family houses in the Hudson Valley area of New York since 2004. It has been good to me, but it definitely has challenges. 

1. What sort of impacts has COVID made to your business (good or bad)

I have had only one tenant move out before lease end back in late March with covid being the deciding factor. Others have asked questions about possibilities, but haven't left.

2. What pitfalls in general have you seen with investing into a college town (or college area of town)

You need to be within a 5 min drive to campus in my case, and some students don't even want to consider something that isn't walking distance. On the other hand, being VERY close to campus/the bars can also mean your house is likely to end up as a party house that is walkable to the bars. I have also learned this lesson over the years: When something breaks or needs service in a house full of guys, they often try to fix it with a butterknife first (and break it further). In a house full of girls, they promptly call you and you don't have to undo their "repairs", haha!

3. Are you trying to get out of this space, buying in, or holding

I am holding. I have filled several upcoming vacancies in the last 30 days, and just one empty room stands now, which should be filled shortly. Confidence in the Fall semester being normal seems to be high with the students. We are less than 2 hrs from NYC and I believe that even if online classes comprised more than 50% of the Fall semester, these students would prefer to be away from home (and their parents can probably afford it). Fingers crossed.

4. Do you prefer to operate in SFH and small multi-units or large multi-units?

Single family homes work very well for me. Staying on top of basic maintenance and repairs is paramount in my opinion, or you face a huge to-do list in May. Good luck!

From what I understand, you would simply visit the county offices in person, or call them, or go to their online site and there should be info about tax delinquent properties and the date of the upcoming tax sale.

Hi everyone! Any recommendations for a professional home inspector in/near Kennesaw, GA? Thanks!