All Forum Posts by: Timothy Petty

Sorry, meant for heading to say turn home into rental property for college students and hit the go button on my phone accidentally. Hope my investing turns out better than this first post. 

There is a home that I would like (sometime in the distant future) to turn into a rental property. I am leaning towards renting it out to college students (room by room) in order to maximize my cash flow and due to the fact that it is within a 10 minute drive to campus. The home has an attached apartment (2 bedroom and 1 bath) a garage and the actual home is 4 beds, 3 baths with some big Family rooms and other space that could be transformed strategically to attract students or make the home more appealing/rent for more. The home is in Akron and in an “ok” neighborhood, but nothing special. I will be studying zoning in the area and researching all related information to paint myself a better picture of my options. That being said, any tips, tricks or other wise words of advice would be greatly appreciated. Thanks!

Thank you all for the input! It didn’t sound too appealing or worthwhile and you helped me avoid a potential mistake. Nice to have others to help lessen learning the hard way a little bit. 

I currently have a VA loan in Fayetteville, North Carolina. I currently have my home on the market and have received an offer from an investor. Here is the E-mail I received from the real estate agent. "I do have an investor interested in buying your property "Subject to" your mortgage staying in place and the investor paying the mortgage payment on your behalf." I'm not sure if I should even consider this offer as it seems I would be the one taking all the risk. If appliances, the roof or anything else were to happen I would be responsible correct? In order to free up the VA loan to invest in a Tri/Quadplex here in Ohio as my doorway into Real Estate, I think I may have to get rid of the NC home as I doubt I would qualify for 2 loans. Any Suggestions or Tips will be much appreciated.