We just purchased our first investment property in Lynchburg. We ran into what Jeremy Hart is talking about and ended up going with a local lender. Our interest rate ended up a little higher. We put 20% down and we have an excellent credit score. Lynchburg and Liberty are growing and I think that it is and will continue to be a good solid place to invest in college rentals. We are in it for the long haul though and are not making much in cash flow...but we are also using a property manager at this time as we live in South Carolina. We are older and my husband has an excellent W2 job, so we do not need it as income, it is purely a long term investment. We wanted something that we would not have to put a lot of time into, or money so we bought a fairly new 2br/2ba condo that the property manager says is very easy to get tenants into. We are planning to buy another one in 2017. The nice thing about Liberty is that the college is a Christian college and therefore not a huge party school. We bought the property with a tenant in place(lease up in June) When the lease is up the rent will go up about 8% and then we will be cash flowing.
