All Forum Posts by: Josh Mitchell

@Donald Banks hello neighbor! Welcome to BP! You are in the right place to learn and network with some awesome, knowledgeable people!

Let me know if you have any other questions!

@Tyler Dunlap if you go the conventional route, most banks will require you to put down 25% on an investment property. So 37.5k on a $150,000 home. If you have that amount saved up for the DP a conventional loan will allow you to get a fixed 30 yr rate. Expect the rate to be slightly higher that what is on the sites, usually .5 or 1% higher than the normal interest rate. Hope this helps and good luck!

@Paul Timmins way of having a cleaning person come to the house to not only clean, but be my eyes when I am not able to visit every week. I will look into calling the campus housing office and getting that information! Thanks for the tip!

@Karl Pierre I know you mentioned in an earlier post to be extremely close to the campus is something you recommend. There is far greater opportunites at a public University about 2 hours south of where I am at. (Have built a dozen student housing apartments over the last 5 years, with rising enrollment, and actually tell students who are not freshman they cannot live in dorms) 

The housing that was built charges $610/per room.

Obviously this poses some more problems, and I would need to work the numbers to ensure it is a good buy, but by hiring a good property management company, and having a ton of family and friends in that area, do you think it would be able to be done effectively? Just curious as to your thoughts on a student housing property with 100 miles in between us.

@Andrew Syrios and @Karl Pierre Thank you both for the input. I gain more knowledge in one afternoon than I could in a long period of time elsewhere! I will keep you posted as to what happens and how things work out! Until then, good luck on your REI ventures!

@Karl Pierre awesome! This is exactly the type of responce I was hoping to receive! There are a few properties that I believe can be very good investments. Do you manage each property yourself along with internal manager? Can I ask how much you budget for each property per year for repairs? Do you follow it like a SFH and do about 10% or push it up a little because of the risk?

I hadn't really thought about renting by room, but it seems like this way has worked out the best for you. The schools that I am looking at, do have smaller enrollments, as they are private schools. Do you believe this still would be as effective? I also do have an in with the football coaches at two of the universities at which I am looking at, so IF I HAD TO, I could stick a group of football players in there, with the coach on speed dial. HA! (I will do everything I can to avoid that situation, however.)

Thanks,

Josh

Can anyone share with me the ups and downs of student housing? Besides the obvious of being able to charge higher rates due to *must have* housing for students, and the higher costs of repairs due to, well, college. Also, was told to have parents co-sign all leases is a good idea.

Is there anything more that someone has expierenced with student housing, or specialize in this niche? Should you expect to have a higher ROI if the house is right? I would love to learn more as there are several homes in the surrounding areas that I would love to jump on, but want to know exactly what I am getting myself into.

Thanks in advance!

Hi @Mark Fredenburg welcome to BP! I am somewhat new to BP as well and currently live in Naperville. Look forward to connecting with you and good luck with your first property!!

Welcome to BP @Retha Turner 

Best of luck in your new flip!!