Re: multi family
Broadway
6/5/2012 3:03:03 PM
And @Noreen, I don't want to be the exception. I want to be the stereotype : )
Re: multi family
Broadway
6/5/2012 3:02:14 PM
I'd be interested to see the demographic breakdown of who's buying/renting the luxury "college" properties. I'd venture to guess that it would be disproportionately foreign students living there on their parents' dime. As for the sub-luxury housing, I think it many cases the typical American student wants to live that typical American college life --- living in a crapper with 10 of their best friends, having their parents pay way too much, or if their parents don't pay, then having to work 3 jobs to pay for rent, books, pizza....
Re: multi family
driven
6/5/2012 11:34:05 AM
I agree, drivewaygirl. Some of the housing borders on luxurious, like the Boston University high-rises that overlook the Charles River.
Not all student housing is falling apart. There's been a big push on many campuses in recent years for higher quality housing. Students expect it and parents demand it.
You could be the exception Broadway - the property owner who provided safe, decent housing for students and collected fair rent on your investment. You don't have to be a stereotype to profit from student housing.
Indeed. I have several friends whose parents' purchase real-estate in college towns where they lived to help them with housing. In the end it turned out to be great investments for the parents, they are now landlords collecting large rents or they sold at a profit. College towns tend to have more stable economies and healthy real estate markets.
Re: multi family
Broadway
6/4/2012 9:41:25 PM
@Noreen, being a college-town slumlord has always been a life goal of mine. They tend to be the ones who show up at the bars (usually the ones they own) at 4pm in their wife-beaters, drink until about 8 or so when the college kids start to come in, then they skulk to some corner with a cigar to spectate. My kind of life! And great money too. Generally charge exhorbitant rates for properties that fall apart a little bit more every year, because college towns are run by landlords so there's no political push to enforce codes or care for properties lived in by college kids. That = $$$$$$$$$$$$$$$$$$$$$$!
Oh, my bad Noreen, is there any other safe place to stash cash these days? LOL
Re: multi family
Dex
6/4/2012 2:16:10 PM
Definitely a point. I would not mind owning a rental unit in some locations. But in NYC, for instance? Forget about it. It takes forever to evict a tenant, even one that is occupying a unit illegally and hasn't paid rent in months.
Re: multi family
driven
6/4/2012 12:26:49 PM
Multifamily is booming -- it really does offer a lot of upside potential. I think small single family homes that could be purchased at a reaonable cost and rented for fair amounts could be good, too, although I think the headaches of becoming a landlord depend largely on the property laws in the specific city or state.
Some places give tenants way too much control.
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