All Forum Posts by: Stephen Jones

@Roger Jenkins

Where are you looking to build the 48 units?

This particular property is a little bit off campus (I would say roughly 3 miles). After speaking with property management, she claims her residents are a 50/50 split between students and others. Remember, this is not student housing, this is a multifamily complex located in the town. 

With that being said, there are a few new shiny buildings (student housing) that have been built recently, but they have all types of regulations. For example, you aren't even able to pick what roommate you want and you have to rent by the room, etc. 

@Dan Hellweg

Thanks for the article man!

Thank you all for the responses! Love the feedback. This is definitely not my first deal, it is a larger multifamily complex (the biggest deal I would be doing to date) so that was the reason for my question. 

@Steven Foster Wilson

Thanks!

@Steven Foster Wilson

No, what I'm saying is, the deal I'm looking at has a population of 25K and the nearest big city is 2 hrs away (Nashville). So the lack of population is what scares me a bit. 

Also note, this is not student housing. It is just a multifamily complex that is located in a college town. I've met with the property manager and she claims that her residents are 50/50, both students and misc tenants. 

@Steven Foster Wilson

Where is your property in Ohio? Is it Columbus? Cleveland? Cincy? Those locations have huge population. This one, does not. 

I have looked at rents in different complexes and I do think rents are stable but are still able to be raised, which is good. 

BP,

I am looking at a deal in a college town with an enrollment of about 12,000 people & a population of about 25,000 people. What are peoples thoughts on investing in college/university towns? IMO, our education system is slightly broken. If you are not in school to become a doctor, lawyer, engineer, etc. then it seems unwise to assume a massive student loan? A lot of employers now do not require degrees to be potentially hired. 

Another factor is that this particular college town, like many, is not near a major city (closest major city is 2 hrs). Any feedback would be appreciated!

@Quincy Lockett

All good man!