All Forum Posts by: Franklin Marte

Skip the plan, skip the word hacking, if you are going to Airbnb than Airbnb. For Heaven's Sake, why would you try to fill the house with college students during peak season for short-term rentals?

I’ve heard both good and bad stories on college tenants. The idea is to switch to Airbnb if they decide they’re not staying the summer. Thanks for the reply mate!

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Originally posted by @Robert Goldman:

I think you might be stretching yourself regarding Airbnb and college students. Some college students sign yearly leases because they still go to school during the summer or participate in local internships, at least at UCF, which is the largest college in the state. I see a lot, and I mean, A LOT of students trying to sublease their rooms out as well so you need to be prepared for that. I also feel like a lot of college students are whiny and entitled. I started school at 26 and graduated from UCF at 30 and can tell you most students could care less about anything that is not theirs and think landlords are evil capitalists for wanting money to repair problems they caused.

I'm not trying to disparage you because you'll probably get your rent paid for by the 3 students renting from you. I see them paying anywhere from $450+utilities to $700+utilities to rent rooms without a pool compared to paying $800-$1200/mo for 4/4 apartments.

Some students who rent rooms come from families with money so their parents can co-sign as well.

Yeah I suppose the whole swapping in between is the issue. I would like to do Airbnb I just want consistency with income that’s why I was thinking of doing both and switching off. I can probably do Airbnb to start off

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Originally posted by @Robert Kirkley:

I have heard both good and bad stories from landlords who have college student tenants. You have to be very diligent with your screening, look into co-signing with the student's parents and possibly have a larger security deposit in case they damage the property in any way. As Robert said in an earlier post, there is no shortage of students in the area being that UCF is such a large school, but always do your due diligence.

Yes I definitely will need to Thank you for the reply

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Originally posted by @Paul Sandhu:

This idea sounds like a trainwreck in the making. SMH.

Any useful advice...

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Hey BP community. I have an idea I want to present to you for advice and guidance. I'm a recent college graduate in HVAC. I want to pursue REI in Orlando because I got a job offer there for HVAC and I want to target College students. I was thinking of living in one room and renting out the others since I myself am young and I really prefer to house hack to save money. I'm relocating to Orlando from NJ I don't have an exact date yet but soon. The plan is to find a property near one of the Universities in Orlando that's also close to Disney, Universal and or Sea world. Reason being I wanted to do Airbnb to families during the summer for more income, I want to find a property 4BR 1-2BR with a pool so it's not so difficult to be rented out on Airbnb and so college students can see it as nice and laid back. That's the Idea roughly planned out. I understand what I want to do. I need advice how to break it down and go about tackling each step moving forward to be able to execute this properly.

Thank you in advance!

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@Jake Stuttgen thank you for the advice Jake im working on it now!

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How can I properly evaluate properties without speculating. I want numbers that are pretty close. I just don’t understand the videos I’ve seen explaining the cash flow calculation and or deals. There are a couple different variables I don’t know how to find.

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@James Wise how can you use a card to purchase a property?

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Is it a good idea to use a down payment assistance program? I want to get a house and I don't have quite enough for a down payment I'm trying to think of ways to come up with a down payment I'm planning to use an FHA loan.

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Originally posted by @Bob Woelfel:

@Franklin Marte not really enough information here to give a great answer. How much is left on the loan and how are you going to be paying it off? Wouldn't it be a better idea to use whatever cash you were going to use and put that into your next investment? I mean if you are comfortable with having debt on the property, why pay it off just to take out another loan on it?

$130,000 is left on the loan and paying it off through income from our business. I was thinking that it'd make more sense to put that money towards a downpayment for another house but I believe the HELOC has a lower interest rate than the FHA loan that's why.

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All Forum Posts by: Franklin Marte

Franklin Marte has started 12 posts and replied 37 times.

Post: Renting to college students in Orlando FL while house hacking

Post: Renting to college students in Orlando FL while house hacking

Post: Renting to college students in Orlando FL while house hacking

Post: Renting to college students in Orlando FL while house hacking

Post: Renting to college students in Orlando FL while house hacking

Post: Calculating rental property cash flow/deal

Post: Calculating rental property cash flow/deal

Post: Gutsiest thing you did starting out in REI?

Post: Down payment assistance programs

Post: Paying off house to use HELOC for another home