I Want to Acquire Student Housing for My First Hold, But I Don't Know How
I really want to get into student housing for my first hold. I've done as much undirected research as I possibly can. Based upon what I'm reading I really think this is an effective strategy and would like pointers on how to get started.
Basically, I'd like to set a respectable property up within 1-2 miles of a University pre-furnished, with made service 2-3 times per week, on site laundry, utilities (including Internet access) covered by me and charge a premium. Ideally I'd dorm two students per room and extract $1,000+ per student in rent.
My biggest open questions are:
- What are the logistics involved in getting something like this set up?
- To what degree to I have to work with / be beholden to the local university to be considered student housing?
- What are the added liability issues?
I've asked some local wholesalers in the area to put me on their buyers list for anything within 1-2 miles of a college or university as a first step. But, that's step one. I'm not sure of step 2. Frankly, I'd almost certainly need a funding partner too, but I think that's further down the check-list than step 2. It's spring now, and I'd like to have something in place for autumn if it's not too late.
Has anyone else done this on BP who might be able to help me get a workable action plan together?