Sending our 3rd daughter to same university in upstate NY. (3 hrs away)We know from experience what student housing costs. Looking to buy a mutlifamily she can use for next 4 yrs and as student housing maybe make some money?
Good idea. Any luck? Have you gone up there to look? Have you called a RE agent? Let us know how it works out.
That is a fantastic idea. We have enrolled all of our children in the program here in Texas where you pre-pay the tuition for the future at todays prices. So we know that all three of our boys will be going to UT. Once the oldest boy is enrolled as a sophmore (we want him to live on campus for the first year). We will look at purchasing either a duplex or a multi-family property for he and his brothers to live in. This way our housing dollars will be tax deductible, and if they have friends living in the homes with them; their friends rent can pay for their housing expenses. Then after all three have graduated from college the property can either be kept as a rental or sold at a profit.
I also have a client who is a realtor in college station, texas who is doing the same thing.
Just some info, GMAC has a commercial product specifically designed for student housing. The property types you are discussing are smaller in unit size than what they will look at but if you get into something larger you might want to take a look at what they have.
We have used this in Pennsylvania and New Jersey with apartment investments around the universities and colleges. Many of the apartment units we leased back to the schools as they suffer from housing shortages. We generally targeted schools in urban areas that had spikes in enrollment but where building more housing was limited as acquiring large parcels for housing projects is not possible. In one instance, the school had notified all Juniors and Seniors that housing would not be available and they needed to make arrangements off campus.
Just an idea.
That is a genius idea. How did you research the schools and the enrollments?
Much of the enrollment information we were able to access on line or through contacts. We went and talked directly to the housing departmens when it came time to discuss the leasing of the apartments. The schools will usually be very glad to talk to you about it as it helps them solve a big and growing problem.