All Forum Posts by: Taylor Roeling

Hi @Jonah Xu! While I am not sure of what city you are living in, any type of student housing is usually a very good type of investment and it is a highly competitive market, which can be a good thing! It looks like there are a lot of upfront costs especially with repairs, however, in the long run it seems like you would be able to break even and be successful pretty quickly. $300 per room is very cheap - I wish I could've gone to a college town like that. Honestly, with students, they have to find somewhere to live no matter what and a lot of the time their parents are paying the rent. If you could find something that makes your property the place to be, you could raise it to $325 or even $350. I'm not sure what a different or new thing would be to help you stand out compared to other student housing areas, but if you can find it then that would be gold! Best of luck.

@Darius Howell Congrats on getting your first rental property! It can seem like there's a lot to do, but it is still very exciting. Tenant screening is definitely an important step to being a landlord so you are thinking ahead already. What's good about this era is all of your screening can be done online which can save you lots of time and hassle. Applications, background checks, and credit reports are all important things like Brian said above. Best of luck!

I agree with most of what everyone has already said - the lease agreement you have with both tenants is still the final word even if it is a very unfortunate situation. Check your state laws as well when it comes to domestic violence and leases! It is different everywhere.

@Katie Lea Hope you're doing well! I actually just moved back to Colorado after living in Utah for four years. Generally, most towns in Utah are good investments because they have a constant growing population and it is relatively cheap compared to most states. Not to mention a lot of people are moving there because it is beautiful and has so many things to do (5 national parks!). Sugarhouse is a popular area for millennials and is near the university so you will get more college kids. South Jordan and Sandy are very family-friendly and trendy areas to invest in as well! Magna is actually an interesting one which probably wouldn't be my first choice as not many people are moving to that specific town. Best of luck!

@Garret Hohn Yes - I love Rapid City! Definitely read books because that is always a good thing. If you're reaching out to a real estate investor, say on LinkedIn like I mentioned, you should not feel worried about not knowing enough information because that's why you're reaching out in the first place. You could easily say something like, "I'm currently a student, but I am very interested in learning more about real estate investing and was hoping you could help me learn more as well as talk to me a little bit about your journey." You have to learn somehow and I think learning from other people is one of the best and easiest ways to do it.

Hi @Garret Hohn ! My fiance also went to school in Rapid City for engineering at South Dakota School of Mines (which I assume you're attending)! What a small world! It looks like you're already ahead of the game with the steps you've taken in researching and learning as much as you can before you start your career. My biggest advice to you since I'm also just starting out in the industry is to network with as many people as you can in your current community and where you will end up living. I know you hear that a lot, but it really is funny how you can randomly meet someone and then have a personal relationship also help your business endeavors! In real estate this is especially important. Maybe consider reaching out to real estate agents on LinkedIn and asking to practice negotiating with them - since you're a student, I'm sure they would love it. Best of luck in your future!

@Miller McSwain - looks like you are already on a great track already for your future career and real estate plans! Everyone has had great tips so far. One more that I would add would to simply network. You hear that a lot, especially when you're still in school, but with real estate, there are immense options for growing your network with any and everyone! You never know who can connect you to deals or other people they know. Best of luck with your future!

Hi @Mario Perkins!

Congrats on the progress you've made so far - it is definitely something to be proud of! There are definitely a lot of deals to be had in the market - sometimes there are so many you don't know if all of them are actually legitimate. Besides deals in the market, there are always helpful online tools, usually free, to really help grow your business and make your life easier. Obviously, sometimes you just have to make goals based off of what you want and see where things take you because someone's success story might not work the same for you. Best of luck!

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