Profile picture for marcieks

Buying a house to rent to wneu college students? My son being one renter

Pro and cons
looking for sixteen acres and Wilbraham side
  • April 22 - Sixteen Acres
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Answers (5)

Profile picture for marcieks
i want something that will hold value..an investment. Real estate is only investment that wont loose value. What to do? Want to make money. buying a new car...no good investment there.
  • April 23
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Profile picture for wetdawgs
With two years left, only do it if you wish to be a landlord to students for the long term. 

  • April 22
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Profile picture for marcieks
Yes that is a good point about neighborhoods not liking college kids
i live nearby
he only has 2 years left and I was hoping to rent to law students and pharmacology students as they are more focused on studies
  • April 22
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I am a WNEU graduate and a Realtor if you need help. if someone plans to attend for 4 years a purchase is the  way to go. 
  • April 22
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Profile picture for wetdawgs
Pros:
  your son will have a stable place to stay during college
  your son will learn more than he can imagine about selecting and living with roommates (so will you).
 
Cons:
  Don't count on college students for maintenance of the house or yard
  A landlord has to be on call 24 h/day.   Do you live nearby?
  Plan on renters coming and going, not sticking to a one year lease.
  If your son decides to continue his education elsewhere, this may be a hindrance.
  Check the rules for rentals.  Many communities have stringent rules for the number of unrelated people living in a single property and parking rules.
  Not all neighborhoods are friendly for  student rentals as there is concern about noisy parties and too many cars for available off street parking.  
  
  • April 22
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