All Forum Posts by: Will Gaston

@Hassan O. here's the link below. You may be able to get a 75% ATI reduction but that will depend on the current assessment. There are no value thresholds that I am aware of. My "guess" is they'd be 250k-320k per year depending on the ATI situation.

https://www6.richlandcountysc.gov/AssessorSearch/(S(dln23pqkbwkacgcyvmctqcyk))/userinput.aspx

@Stephen Jones

I've been doing student rentals for ~17 years. A few things:

- College is not a monolith. Every school will have a different outcome. Stanford, Georgetown, Ohio State and UGA will not face the same issues as a tiny liberal arts school in Virginia.

- I leased all of my ~75 of units earlier this year than I ever have. Demand is stronger than ever for my existing portfolio.

- The enrollment applications of my school are at record levels for the 2023 freshman class.

Student rentals can be a wonderful investment or an awful one but just like all real estate it is location specific.

Thanks 

@JD Martin.

@Mordy Chaimovitz this thread below may be helpful:

Nearing 1,000 College Students: Here's What I've Learned

I like @Nathan Gesner's counsel here. 

I love to ask myself "Who else has successfully dealt with this problem and how did they handle it?"

Ask 4-5 PMs in your market. Odds are several have encountered this scenario before.

Hey Ashley, I'm in Columbia and have been buying here for 17 years. I'm purchasing them in an LLC and use either cash or HMLs depending on the project. Not sure there is a way to avoid cap gains if you're flipping. Happy to answer any specific questions about Columbia if you have any.

@Brian Hartman Have you checked with a small local bank or credit union? My experience has been they are much more willing to be flexible on these situations.

Just did this in downtown Columbia. Purpose built STR in infill lots can still bring good returns.

@Zackarias Aitchison here's a long thread on student rentals that may be helpful:

Nearing 1,000 College Students: Here's What I've Learned

What is the purchase price? How many units? Currently rented? If so, how much are the gross rents?

Also, do you live in South Carolina? It's not impossible but most of my lenders require borrowers to be (roughly) in their lending footprint.

@Victor Ngo-Smith I currently have loans w/ 9 different commercial lenders in Columbia so this is right up my alley. Can you tell me more specifics about the loan you're looking for?