Hello! So currently I'm looking for a home to purchase as my first investment property in college. I plan on living in a home and renting it after I'm graduated, while renting the other rooms while living there. All of the houses seem to not to pass FHA regulations because of the age and condition they are in. I have found one that was built in 2012 but it's a 4 bedroom, instead of a duplex. I could rent the other rooms to friends or someone looking for a place. The area has very low vacancy and sign leases a year ahead of time because of the low vacancy and being a college town. If it works out should I pursue it? Thank you for your time.
I think your strategy is spot on! I live in a college town, Corvallis--Oregon State University, and I can tell you my campus close properties do outstanding!
I know my son bought a 4 plex using a FHA loan with 3.5% down. He bought it for $415K and put $30K into fix ups, raised rents and sold it 4 years later for $731K with NO realtor!! I think if you can buy while in college you are ahead of 99% of people out there. I do not know why your places will not approve for FHA? I would find your best deal and jump into this! There will always be a demand for college campus rentals and it sounds like your market is particularly tight, which makes it even better!
@Mitchell Behm houses near campus can be great for renting by the bedroom. Check with zoning to see how many unrelated adults you can rent to. If you're planning on 4 and only allowed 3 I imagine it could make a difference in your offer. Way to go on getting started early!