All Forum Posts by: Zachary Ware

There are a few options. 1)The best return is likely in doing a STR or MTR but it does depend on the market. Is the only demand of the town the school? If there is nothing else to attract tenants, a MTR is likely your best option. 2)There will be students who are staying over the summer for internships, summer classes, or work. If the market has other things to attract tenants STR might be your best route. Even without non-university-related demand, there will be families who are doing college visits during the summer and likely summer orientations. I would look deeply and even contact the university to see what they have going on in the summer months. 3) But before you consider this, I would find out what the common student lease term is in the market. Some will do annual leases whether the student will be in town year-round or not.

Inspections can be great to know if there are any immediate expenses that you will need to incur and to look forward as well to see if there are any major items that need to be fixed in the near future or down the road. If you are very familiar with properties this may be something you are comfortable doing by looking around the property. You can use the inspection, as others have said, when buying the property. Waiving an inspection can help get you offer accepted, but getting a bad inspection can be leveraged to reduce the purchase price. 

Hi Minki,

I have seen some listings that will put a per-unit price, but this is uncommon in my experience. Typically a listing price will be for the entire building offered and will sometimes be for multiple buildings. On Zillow, I find that many listings will have a good description that will help understand what is being listed but most importantly, look through all of the pictures. Get an idea of what is being offered. 

Hey Ryan,

If you are the one who will be handling the tenants for the next year or more, I think picking them yourself is worth it. It sounds like you have a strong grasp of the PM aspect and this is an opportunity to build your skillset. There are tons of free resources, not to mention the BP forums, where you can learn about and find documents on, Leases/Applications/Regulations. The items that will cost capital will be background checks/ possibly credit reports. All in all, doing it yourself will save you money and cost more time but I think the biggest gain is the experience of doing it and being able to decide firsthand if your tenant is the right one for you and your property. 

I have seen some great deals out of both Columbus and Cleveland recently. 

Yes, I work for a DSCR lender and have seen this scenario many times.

Hi Frederick,

Typically if work is permitted, a city/county official will come out and inspect the work in person. If you have doubts about the quality of construction, I would recommend getting a home inspector or even better, a contractor out there to look at the build. 

Hi Bryan and welcome to BP! 

Hi Hyeseong, 

I would look at some DSCR lenders. There are some that work with the BRRRR strategy and can do cash outs between 3-6 months while basing leverage off the new appraised value. You will typically need a good credit score and there will be LTV restrictions.

CBRE and Matthews would be great experiences for building your network.