All Forum Posts by: Will Stewart

Ashish, 

Thanks for the reply. I am working with a local realtor and making sure I know all the ins and outs of student rental. 

JD, Thank you for the reply. There are several options in the condominium complex. Prices range from 335K- 405K depending on the bed/bath count. As of now University Controlled housing is going for $1,600 a month.   However, that includes all furnishings and utilities. Most of the condos are doing room rental rather than just a blanket lease for anywhere from $900-$1400 depending on location and age of the condo. I have local realtor I am working with and obviously I am not wanting to get in over my head. 

I am really just trying to figure out a way to get into the condo without having to use too much of my own funds. 

Thank you Dominic.  There is a strong demand for condos in that area. Again, there is a shortage of university controlled housing, so condos are definitely a hot commodity. 

I would like to keep as much of my liquidity as I can without having to use it for the mortgage. However, unless I can come up with some creative finance options, I may have to dip into it. I do believe that the condo would only appreciate as Auburn has and continues to grow considerably. 

Thank you again. 

Ok BP geniuses, in need of some help here. This may take a little to explain clearly but here goes. My daughter will be a senior in high school next year. She is set on attending Auburn and there is a great shortage of university housing for the amount of incoming freshmen. We have recently been discussing purchasing a condo in the area. I am working with a local realtor in the area that is also a personal friend. So no issues with him or his advice. What I am trying to figure out is the best way to go about purchasing the condo. I have about 145K liquidity and could also use some from a possible 1031 exchange of a current rental property I own. I would rather not use all my liquid funds but also have to pull out around $1200-$1600/ month in expenses as they will be my daughter's portion. I am just trying to figure out a way to get in the condo without having to use so much of my own money, but also not taking a bath on the expenses due to some coming out of my own pocket. I am not very savvy on the investing end as I only have one property to speak of. Any help or advice would be greatly appreciated. Thanks in advance!

Josh, 

  Thanks for the reply. I actually have a friend that is a realtor in that area so he is helping me out. Although, for what we have heard rooms are going for he was honestly a little surprised. 

@Dave Foster Thanks for the reply. I did talk with a trusted realtor in the Auburn area, and he advised that I not go for a house as most are not allowed for student housing. He suggested I look into condos instead. So, we are on the search for that now. 

@Gregory Schwartz Thanks for the reply! That definitely helps. I really need to just figure out what I could rent each room for I think. 

I will check out the video for sure!

Tim, 

Thanks for the reply. The room rent even for university controlled housing is close to $1200/month. 

I was looking at possibly a three to four bedroom house near campus and renting rooms for around the same. I would still have to run numbers to make sure things would be covered of course. 

She has several friends planning on attending as well and none are sure about housing. As I said, they are just juniors currently so it is not urgent. The school does require living in a dorm freshmen year if I am not mistaken, but there are always plenty of kids from our current hometown that attend Auburn. So if I got something in the next few months, I should still have no problem renting it out the first year or two. Although I know that is not a guarantee. 

I have looked into short term but I am afraid of the off season ( not all sports are as important as football down there).

One thing I would like to find out is the typical room rate for houses or apartments. Unfortunately, I do not know anyone doing this currently so I am not sure where to look to find that information. 

Okay, full confession. I have been a member of this site for years and have admittedly not taken full advantage of it. 

I have a junior in high school that plans on attending Auburn University. The cost for University housing is fairly substantial. I am considering buying a house or apartment to rent out for one year before she gets down there. I have been running numbers on here but cannot find anything that even comes close to the 1% rule. My wife informed me that she has heard people buying a property and renting by the room, sometimes as much as $1200 per room. I am just looking for someone that may have experience with this scenario. I do have a HELOC that I could tap into but I know that is not always the best strategy. I also could do a possible 1031 with an existing property but it is a very small house that would not sell for more than about $45K. Any help would be appreciated as I am really wanting to get my real estate journey started again. Thank you so much!

@Chris Seveney, @Ian Ippolito

Thank you both for the reply. My situation is I have on rental but don't feel knowledgable enough. I keep reading and listening to things but knowledge without action is still not a good place to be. Just trying to learn all I can to put my money to good use. Thank you again.