Hello. I just entered contract for my 1st multi family property (and 2nd investment property). It is in Berea, Ky. I don't know anything about Berea, Ky! In doing my research, however, it does seem like a nice charming college town. The property is a 4-plex built in 1978 in a B- neighborhood. It is a cash flow move and looks like will net a minimum of $500 a month. Thoughts? Advise? What should I look for in the home inspection report. Thank you in advance. I am extremely nervous. It is out of my comfort zone.
Rental Property Investor · St. Louis, MO · Member since 2014 · 741 posts · 424 votes
5y
@Tri Nguyen College towns have plenty of property management companies. Call on a few and pump them for information / possibly working for you. They know stuff. Are you in town to see the property? Time to gather a team.
@Tri Nguyen College towns have plenty of property management companies. Call on a few and pump them for information / possibly working for you. They know stuff. Are you in town to see the property? Time to gather a team.
Baltimore, MD · Member since 2018 · 431 posts · 281 votes
5y
Is it within walking distance of the college? That's either 1) on a bus line or 2) within half a mile of the college. That is not within half a mile of the bus line. lol. If so, can you rent it to students? Student rentals are able to charge a little more. They stop paying less and don't hoard, but there is a chance of parties (depending on who you're getting in it).
Is it within walking distance of the college? That's either 1) on a bus line or 2) within half a mile of the college. That is not within half a mile of the bus line. lol. If so, can you rent it to students? Student rentals are able to charge a little more. They stop paying less and don't hoard, but there is a chance of parties (depending on who you're getting in it).