All Forum Posts by: Jeremy Nault

Hi @Zackarias Aitchison   Student housing can be a great buy and hold strategy. While I don't have a ton of experience in this regard, I am going to do my best to help! 

The biggest positive has to be that you will be able to get a premium for your rental while its rented.  I looked into this strategy a lot when in college and the average rental was charging up to $8,000 per person for 9 months of the year, which if you talking about a 4 bedroom house, $32,000 a year for a run down house in good old Plymouth NH is nothing to scoff at, especially considering the same house a couple miles away would be lucky to rent for $15,000 a year.  

As far a negatives go, these are going to vary greatly depending on the schools, and type of rentals you are looking to purchase.  Renting to strictly college student's you are definitely opening your self up to the potential of a destroyed unit,  I have seen this on multiple occasions during my time as and undergrad.  Another thing to be aware of when investing in a college town, is that your investment is going to be dependent on the college so if you have any doubt that the college may be going under at some point you may want to avoid. 

All that being said, its like anything else you need to properly screen your tenants, and take care of the property so that they will want to take care of it as well. Good luck with your investing! 
  

Hi @Marie Rufty I would say that this would all depend on what your long term goals are going to be. If your goal is to get into and grow using Short Term Rentals, than selling it to invest further in STR's may be the best option. If you are looking to diversify between short and long term rentals maybe holding on to it as a long term rental may be the better option. While looking at the current market is important, I try not to speculate as we really don't know for sure what is going to happen. I hope this answer helps, and if you have any questions please feel free to reach out!

@Collin Miller  House Hacking is in my opinion the best way to start off your real estate investing journey.  By buying a house as an owner occupant you will be able to leverage better loan options with lower down payments.  You will also be able to cover some if not all of your mortgage depending on the deal which is a huge pro.  The main negative would be that you are going to be living next to your tenants which may not be that bad depending on your situation but it is definitely not ideal.  Good luck with your investing journey and feel free to reach out if you have any questions!  

Hi @Jordan S. This is definitely a tough question.  The answer to this in my opinion is all going to depend on your long term goals (I know not the answer you were looking for).  Will selling that property allow you to invest the difference into a property with a higher return.  Do you need to sell it in order to get a down payment for your next property? What are you going to do with the profit? Depending on you plan, both options can work you just need to determine which will work better for your situation long term.  

Hi @Cade Miller I would structure the lease and terms the same way you would if you were renting the place out to strangers.  Same as with the lease, I would collect rent the same way as you would if you were renting out the place to strangers.  Real Estate is a business, you need to treat it as such from the start.  I hope this helps, and good luck with your investing!  

Hi @Joshua Robertson Unfortunately there are not shortcuts when paying off debt.  Fastest way to pay them off in my opinion is to focus all your energy on one debt and just dump money onto it as quick and often as possible. Once it is paid off move on to the next one and repeat.  Choosing which debt to go after first is going to be largely debated, I personally would go after the smallest first, others will say the largest, and other will say highest interest. Whichever you choose matters less than just committing to one strategy and just pushing through.  I hope this helps, and good luck!   

Hi @Jordan S. I am a big believer that as long as the numbers work, real estate is the best investment you can make. Whether its a condo, single family, small multi family, or large multifamily, if the numbers work for you they work! I feel like the HOA's are constantly giving condo's a bad wrap when it comes to investing in them, however, the HOA also take's a lot of the maintenance responsibility off of your plate which is a huge perk especially if you plan on self managing. As with all deals, make sure you do all of your due diligence about the property and the condo association and if your conservative number's work I would say go for it. There is more than one way to grow wealth through real estate and I believe condos can be a great way if you buy the right deals. I hope this helps and good luck with your investing journey!

Hi @Mike Bloom  Tenant turnover is bound to happen when raising rent throughout 10 units and that is fine.  You need to make sure that you create a plan to try and combat that.  Maybe consider raising rents one unit at a time in order to try and avoid having multiple units vacant at the same time.  Worrying about not being able to fill your units is also a very common fear that I personally have struggled with throughout my journey, but I have found that as long as you due your due diligence on the area in question and you provide clean, safe and affordable housing you should be fine.  While I don't have any experience with Section 8, I have heard stories of people making their career on investing in section 8 apartments so it certainly could be a viable option if you choose to take that path!  Good luck with your investing! 

Hi @Elizabeth Esparza Welcome to BiggerPockets!  Working in the mortgage industry will for sure help you close your first deal!  Good luck with your investing! 

Hi @Matt Mcconnell Welcome to BiggerPockets! I think that you will find that everyone on here is just looking to help! 

Are you looking to live in this property or just buy a straight rental property? I only ask as it may change your strategy. I would say the first step is to figure out where you want to invest. Once you have the location nailed down, start looking into which type of property you want to start with, Single family, Multi-family, Airbnb, Etc. After you have your strategy and location figured out, its time to find a lender so that you know how you are going to purchase said property. Once Pre-approved, you can start looking for properties! I recommend looking for an investor friendly agent that will understand how to help you along the way! As far a the CPA and LLC goes, you may need these both to start but that is all going to depend on your strategy and preference. Once you close on a property, I would definitely recommend a CPA to help you with your taxes as they tend to get a little trickier! I hope this helps and feel free to reach out with any questions! Good luck with your investing!